(1) A plan for consolidation or share or equity capital exchange must state the following:
The entity name of each entity planning to consolidate or exchange shares or equitycapital and the principal office address of its principal office;
The entity name of the surviving entity, or of the acquiring entity, and the principaloffice address of its principal office;
A statement that the consolidating entities are consolidated with the surviving entity,or that the acquiring entity is acquiring shares or equity capital of the other entities, and the section of this article pursuant to which the consolidation or exchange is effected;
Any amendments to the articles of the surviving party to be effected by the consolidation or equity capital exchange; and
With respect to agricultural and other cooperatives exempted from the operation oflaws such as the federal and state securities or antitrust laws, any steps necessary to maintain such exemption if the cooperative wishes to maintain such status.
The plan of consolidation or share or equity capital exchange may state any otherprovisions relating to the consolidation or share or equity capital exchange.
(2.3) A plan of conversion shall comply with section 7-90-201.3.
(2.7) A plan of merger shall comply with section 7-90-203.3.
Nothing in this section shall be deemed to limit the power of a cooperative or otherentity to acquire all or part of the shares or equity capital of another cooperative through a voluntary exchange or through an agreement with the members of such other cooperative.
Source: L. 96: Entire article R&RE, p. 513, § 1, effective July 1. L. 2003: IP(1), (1)(a) to (1)(d), and (2) amended, p. 2230, § 95, effective July 1, 2004. L. 2004: (1)(d) RC&RE, p. 1415, § 53, effective July 1. L. 2007: IP(1), (1)(a), (1)(c), (1)(d), and (2) amended and (2.3) and (2.7) added, p. 220, § 4, effective May 29. L. 2019: IP(1), (1)(c), and (1)(d) amended, (SB 19086), ch. 166, p. 1964, § 64, effective July 1, 2020.
Editor's note: This section is similar to former §§ 7-55-112, 7-56-108, 7-56-121, and 756-126 as they existed prior to 1996.