§ 55A-11-06. Merger with foreign corporation.
190 words·~1 min read·
/nc/chapter-55a/55a-11-06A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 55A-11-06. Merger with foreign corporation.
(a)Except as provided in G.S. 55A-11-02, one or more foreign corporations may merge with one or more domestic nonprofit corporations if:
(1)The merger is permitted by the law of the state or country under whose law each foreign corporation is incorporated and each foreign corporation complies with that law in effecting the merger;
(2)The foreign corporation complies with G.S. 55A-11-04 if it is the surviving corporation of the merger; and
(3)Each domestic nonprofit corporation complies with the applicable provisions of G.S. 55A-11-01 through G.S. 55A-11-03 and, if it is the surviving corporation of the merger, with G.S. 55A-11-04.
(b)Repealed by Session Laws 2005, c. 268, s. 42.
(c)This section does not limit the power of a foreign corporation to acquire all or part of the memberships of one or more classes of a domestic nonprofit corporation through a voluntary exchange or otherwise. (1973, c. 314, s. 4; 1985 (Reg. Sess., 1986), c. 801, s. 39; 1993, c. 398, s. 1; 1995, c. 400, s. 7; 2001-387, ss. 36, 37; 2005-268, s. 42; 2006-226, s. 16(c); 2006-264, s. 44(f).)