450.1702 Plan of share exchange; approval; contents; power of corporation not limited.
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450.1702 Plan of share exchange; approval; contents; power of corporation not limited.
Sec. 702.
(1)A corporation may acquire all of the outstanding shares of 1 or more classes or series of another corporation pursuant to a plan of share exchange approved in the manner provided by this act.
(2)The board of each corporation proposing to participate in a share exchange shall adopt a plan of share exchange setting forth all of the following:
(a)The name of the corporation whose shares will be acquired and the name of the acquiring corporation.
(b)The terms and conditions of the exchange, including the manner and basis of exchanging the shares to be acquired for shares, obligations, or other securities of the acquiring or any other corporation or for cash or other property in whole or part.
(c)Other provisions with respect to the proposed exchange as the board considers necessary or desirable.
(3)This section does not limit the power of a corporation to acquire all or part of the shares of 1 or more classes or series of another corporation through a voluntary exchange or otherwise.
History: Add. 1989, Act 121, Eff. Oct. 1, 1989