612.21 Merger of town mutuals.
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612.21 Merger of town mutuals.
(1)Conditions for merger. Two or more town mutuals authorized to operate in all or part of the same or in contiguous territories not exceeding 16 counties altogether may merge into one of the constituent town mutuals, or into a new town mutual, under the procedure provided in this section.
(2)Plan of merger. The board of each participating town mutual shall adopt the same plan of merger by resolution stating:
(a)The reasons for and the purposes of the proposed action;
(b)The proposed terms, conditions and procedures for and estimated expenses of implementing the merger;
(c)The proposed name of the surviving or new town mutual and the location of its principal office; and