RCW 24.03A.860
307 words·~1 min read·
/wa/title-24/chapter-24-03a/24-03a-860·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A plan of entity conversion shall include:
(a)A statement of the type of unincorporated entity the surviving entity will be and, if it will be a foreign unincorporated entity, its jurisdiction of organization;
(b)The terms and conditions of the conversion;
(c)The manner and basis of converting the memberships in the domestic nonprofit corporation following its conversion into interests or other securities, obligations, rights to acquire interests or other securities, cash, other property, or any combination of the foregoing;
(d)If the corporation is holding assets for charitable purposes, a plan setting forth how the corporation will comply with RCW 24.03A.770
(1)through (3); and
(e)The full text, as they will be in effect immediately following the conversion, of the organic documents of the surviving entity.
(2)The plan of entity conversion may also include a provision that the plan may be amended before filing articles of entity conversion, except that after approval of the plan by the members the plan may not be amended to change:
(a)The amount or kind of memberships or other securities, interests, obligations, rights to acquire memberships, securities, or interests, cash, or other property to be received under the plan by the members;
(b)The organic documents that will be in effect immediately following the conversion, except for changes permitted by a provision of the organic law of the surviving entity comparable to RCW 24.03A.655 (2); or
(c)Any of the other terms or conditions of the plan if the change would adversely affect any of the members in any material respect.
(3)Terms of a plan of entity conversion may be made dependent upon facts objectively ascertainable outside the plan in accordance with RCW 24.03A.060 (3).
[ 2021 c 176 s 3322 .]
Notes:
Effective date — 2021 c 176: See note following RCW 24.03A.005 .