§ 55-11-09. Merger with nonprofit corporation.
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§ 55-11-09. Merger with nonprofit corporation.
(a)One or more domestic or foreign nonprofit corporations may merge with one or more domestic corporations if:
(1)Each domestic nonprofit corporation complies with the applicable provisions of G.S. 55A-11-01 through G.S. 55A-11-03;
(2)In a merger involving one or more foreign nonprofit corporations, the merger is permitted by law of the state or country under whose law each foreign nonprofit corporation is incorporated and, to the extent applicable, each domestic corporation and each domestic or foreign nonprofit corporation complies with that law in effecting the merger;
(3)The domestic or foreign nonprofit corporation complies with G.S. 55-11-05 if it is the surviving corporation; and
(4)Each domestic corporation complies with the applicable provisions of G.S. 55-11-01, 55-11-03, and 55-11-04 and, if it is the surviving corporation, with G.S. 55-11-05.
(b)Repealed by Session Laws 2005, c. 268, s. 25.
(c)This section does not limit the power of a domestic or foreign nonprofit corporation to acquire all or part of the shares of one or more classes or series of a domestic corporation through a voluntary exchange or otherwise. (1995, c. 400, s. 13; 2001-387, ss. 20, 21; 2005-268, s. 25.)