47-25-3. Consolidation of corporations--Plan of consolidation--Contents of plan.

118 words·~1 min read·/sd/title-47/chapter-47-25/47-25-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any two or more domestic corporations may consolidate into a new corporation pursuant to a plan of consolidation approved in the manner provided in this chapter.

Each corporation shall adopt a plan of consolidation setting forth:

(1)The names of the corporations proposing to consolidate, and the name of the new corporation into which they propose to consolidate, which is hereinafter designated as the new corporation;

(2)The terms and conditions of the proposed consolidation;

(3)With respect to the new corporation, all of the statements required to be set forth in articles of incorporation for corporations organized under chapter 47-22 ;

(4)Such other provisions with respect to the proposed consolidation as are deemed necessary or desirable.