§ 11.03.
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/vt/11-03A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 11.03. Plan of conversion
(a)A domestic corporation may convert to a different type of organization under section 11.02 of this title by approving a plan of conversion, and a domestic organization, other than a corporation, may convert into a domestic corporation by approving a plan of conversion. The plan shall be in a record and shall contain:
(1)the name of the converting corporation or organization;
(2)the name, jurisdiction of formation, and type of organization of the converted organization;
(3)the manner and basis for converting an interest holder’s interest in the converting organization into any combination of an interest in the converted organization and other consideration;
(4)the proposed public organizational documents of the converted organization if it will be an organization with public organizational documents filed with the Secretary of State;
(5)the full text of the private organizational documents of the converted organization that are proposed to be in a record;
(6)the other terms and conditions of the conversion; and
(7)any other provision required by the law of this State or the organizational documents of the converting corporation.
(b)A plan of conversion may contain any other provision not prohibited by law. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994; amended 2015, No. 157 (Adj. Sess.), § E.1, eff. July 1, 2017.)