58-35-60. Merger of farm mutual insurers--Plan of merger.

220 words·~1 min read·/sd/title-58/chapter-58-35/58-35-60

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

Any two or more farm mutual corporations authorized to transact business pursuant to this chapter may merge into one farm mutual corporation pursuant to a plan of merger as provided in this section and §§ 58-35-61 to 58-35-74 , inclusive. The board of directors of each corporation, shall, by resolution adopted by each such board, approve a plan of merger setting forth:

(1)A statement that the merger is advisable;

(2)The names of the corporations proposing to merge, and the name of the corporation into which they propose to merge, to be known as the surviving corporation;

(3)The terms and conditions of the proposed merger;

(4)The names of the surviving corporation's first board of directors;

(5)The surviving corporation's principal office;

(6)The manner and basis of converting the assets and liabilities of each corporation into the assets, liabilities, or obligations or other securities of the surviving corporation or of any other corporation, or, in whole or in part, into cash or other property;

(7)A statement of any changes in the articles of incorporation of the surviving corporation to be affected by the merger;

(8)That the board of directors approves the merger of the corporation into the surviving corporation; and

(9)Any other provisions with respect to the proposed merger that are necessary or desirable.