47-25-8. Corporations having no members entitled to vote--Approval by directors.
48 words·~1 min read·
/sd/title-47/chapter-47-25/47-25-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where any merging or consolidating corporation has no members, or no members entitled to vote thereon, a plan of merger or consolidation shall be adopted at a meeting of the board of directors of such corporation upon receiving the vote of a majority of the directors in office.