§ 55A-11-08. Merger with business corporation.
191 words·~1 min read·
/nc/chapter-55a/55a-11-08A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 55A-11-08. Merger with business corporation.
(a)One or more domestic or foreign business corporations may merge with one or more domestic nonprofit corporations if:
(1)Each domestic business corporation complies with the applicable provisions of G.S. 55-11-01, 55-11-03, and 55-11-04;
(2)In a merger involving one or more foreign business corporations, the merger is permitted by the law of the state or country under whose law each foreign business corporation is incorporated and each foreign business corporation complies with that law in effecting the merger;
(3)The domestic or foreign business corporation complies with G.S. 55A-11-04 if it is the surviving corporation; and
(4)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, with G.S. 55A-11-04.
(b)Repealed by Session Laws 2005, c. 268, s. 43.
(c)This section does not limit the power of a domestic or foreign business 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. (1995, c. 400, s. 8; 2001-387, ss. 38, 39; 2005-268, s. 43.)