§ 1602.
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/vt/1602A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1602. Conversion
(a)An entity that is not a mutual benefit enterprise may convert to a mutual benefit enterprise and a mutual benefit enterprise may convert to an entity that is not a mutual benefit enterprise pursuant to this section, sections 1603 through 1605 of this title, and a plan of conversion, if:
(1)the other entity’s organic law authorizes the conversion;
(2)the conversion is not prohibited by the law of the jurisdiction that enacted the other entity’s organic law; and
(3)the other entity complies with its organic law in effecting the conversion.
(b)A plan of conversion shall be in a record and shall include:
(1)the name and form of the entity before conversion;
(2)the name and form of the entity after conversion;
(3)the terms and conditions of the conversion, including the manner and basis for converting interests in the converting entity into any combination of money, interests in the converted entity, and other consideration; and
(4)the organizational documents of the proposed converted entity. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)