(1) One or more domestic entities may acquire all owners' interests of any other entity or all of one or more classes, series, or types, in exchange for owners' interests or other securities, obligations, rights to acquire owners' interests, or other securities, cash, property, or any combination pursuant to a plan of exchange complying with section 7-90-203.3 and approved pursuant to section 7-90-203.4.
(2) A foreign entity may be party to an exchange pursuant to a plan of exchange complying with section 7-90-203.3 and approved, in the case of a domestic entity, pursuant to section 7-90-203.4, if:
The exchange is not prohibited by the constituent documents or organic statutes ofthe foreign entity;
The foreign entity complies with all of the requirements, if any, of its constituentdocuments and organic statutes in effecting the exchange; and
Any foreign entity that is the acquiring entity in the exchange complies with section7-90-204.5.
(3) This section does not limit the power of a domestic entity to acquire the owners' interests of any other entity in a transaction other than an exchange.
Source: L. 2019: Entire section added, (SB 19-086), ch. 166, p. 1914, § 8, effective July 1, 2020.