47-18-1. Merger or consolidation--Preparation of plan--Approval of plan.
131 words·~1 min read·
/sd/title-47/chapter-47-18/47-18-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If otherwise lawful, any two or more cooperatives may merge or consolidate under this chapter or under the law of the state where the surviving or new cooperative will exist. Before a cooperative may merge or consolidate with any other cooperative, a written plan of merger or consolidation shall be prepared by the board of directors or by a committee selected by the board or the members for that purpose. Such plan shall set forth all the terms of the merger or consolidation and the proposed effect thereof on all members and stockholders of the cooperative.
In case of consolidation, the plan shall also contain the articles of incorporation of the new cooperative. The members shall approve the plan in the manner provided in § 47-15-8 for amendments to the articles.