35-14-931. Plan of conversion.
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/mt/title-35/chapter-14/part-9/35-14-931·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-14-931 . Plan of conversion.
(1)A domestic corporation may convert to a domestic or foreign eligible entity under 35-14-930 through 35-14-935 by approving a plan of conversion. The plan of conversion must include:
(a)the name of the converting corporation;
(b)the name, jurisdiction of formation, and type of entity of the converted entity;
(c)the manner and basis of converting the shares of the domestic corporation into eligible interests or other securities, obligations, rights to acquire eligible interests or other securities, cash, other property, or any combination;
(d)the other terms and conditions of the conversion; and
(e)the full text that will be in effect immediately after the conversion becomes effective of the organic rules of the converted entity, which must be in writing.
(2)In addition to the requirements of subsection (1), a plan of conversion may contain any other provision not prohibited by law.
(3)The terms of a plan of conversion may be made dependent on facts objectively ascertainable outside the plan in accordance with 35-14-120 (11).