§ 11.08.
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/vt/11-08A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 11.08. Merger authorized; plan of merger
(a)A corporation organized pursuant to this title may merge with one or more other constituent organizations pursuant to this section and sections 11.09 through 11.12 of this title and a plan of merger if:
(1)the governing statute of each of the other constituent organizations authorizes the merger;
(2)the merger is not prohibited by the law of a jurisdiction that enacted any of the governing statutes; and
(3)each of the other constituent organizations complies with its governing statute in effecting the merger.
(b)A plan of merger shall be in a record and shall include:
(1)the name and type of each constituent organization;
(2)the name and type of the surviving constituent organization and, if the surviving constituent organization is created by the merger, a statement to that effect;
(3)the terms and conditions of the merger, including the manner and basis for converting an interest holder’s interest in each constituent organization into any combination of an interest in the surviving organization and other consideration;
(4)if the merger creates the surviving constituent organization, the surviving constituent organization’s organizational documents that are proposed to be in a record; and
(5)if the merger does not create the surviving constituent organization, any amendments to the surviving constituent organization’s organizational documents that are, or are proposed to be, in a record. (Added 2015, No. 157 (Adj. Sess.), § E.1, eff. July 1, 2017.)