Upon approval by vote of a majority of a quorum of each membership, two or more associations may merge into one association pursuant to a plan of merger approved in the manner provided by this section. The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth:
A. the names of the associations proposing to merge, and the association into which they propose to merge, which is hereinafter designated as the "surviving association";
B. the terms and conditions of the proposed merger, including transfer of assets and liabilities;
C. the manner and basis of converting each association's obligations or other securities into the surviving association;
D. a statement of any changes in the certificate of association of the surviving association to be affected by the merger; and
E. other provisions with respect to the proposed merger as deemed necessary or desirable.
History: Laws 2006, ch. 60, § 19.
ANNOTATIONSEmergency clause. — Laws 2006, ch. 60, § 21 contained an emergency clause and was approved March 6, 2006.