(1) By complying with the provisions of this section, a parent corporation owning at least ninety percent of the outstanding shares of each class of a subsidiary corporation may either merge such subsidiary into itself or merge itself into such subsidiary.
(2) The board of directors of such parent corporation shall adopt, and its shareholders, if required by subsection (3) of this section, shall approve, a plan of merger that states:
The entity names of such parent corporation and subsidiary and the entity name ofthe surviving corporation;
The terms and conditions of the merger;
The manner and basis of converting the shares of each corporation into shares, obligations, or other securities of the surviving or any other corporation or into money or other property in whole or part;
Any amendments to the articles of incorporation of the surviving corporation to beeffected by the merger; and
Any other provisions relating to the merger as are deemed necessary or desirable.
No vote of the shareholders of such subsidiary shall be required with respect to themerger. If the subsidiary will be the surviving corporation, the approval of the shareholders of the parent corporation shall be sought in the manner provided in section 7-111-103 (1) to (6). If the parent will be the surviving corporation, no vote of its shareholders shall be required if all of the provisions of section 7-111-103 (7) are met with respect to the merger. If all of such provisions are not met, the approval of the shareholders of the parent shall be sought in the manner provided in subsections (1) to (6) of section 7-111-103.
The parent corporation shall mail a copy or summary of the plan of merger to eachshareholder of the subsidiary, other than the parent corporation, who does not waive this mailing requirement in writing.
The effective date of the merger shall be no earlier than:
The date on which all shareholders of the subsidiary waived the mailing requirementof subsection (4) of this section; or
Ten days after the date the parent mailed a copy or summary of the plan of merger toeach shareholder of the subsidiary who did not waive the mailing requirement.
Source: L. 93: Entire article added, p. 804, § 1, effective July 1, 1994. L. 2003: IP(2) and (2)(a) amended, p. 2323, § 257, effective July 1, 2004.