Sec. 34-602. Required notice or approval. Restriction re property held for charitable purpose.
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/ct/title-34/chapter-616-entity-transactions/34-602A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A domestic or foreign entity that is required to give notice to or obtain the approval of a governmental agency or officer in order to be a party to a merger shall give such notice or obtain such approval in order to be a party to an interest exchange, conversion or domestication.
(b)Property held for a charitable purpose under the law of this state by a domestic or foreign entity immediately before a transaction under this chapter becomes effective shall not, as a result of the transaction, be diverted from the objects for which it was donated, granted or devised, unless, to the extent required by or pursuant to the law of this state concerning cy pres or other law concerning nondiversion of charitable assets, the entity obtains an appropriate order of the court specifying the disposition of the property.