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2-2-303. Procedure for merger.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-2-303. Procedure for merger.
(a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter.
(b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth:
(1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the “surviving association”;
(2) The terms and conditions of the proposed merger;
(3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association;
(4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger;
(5) The time when the merger shall become effective; and
(6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-2-303
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:2-2-303
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 94dd1ec7eb98b6b314197467b07834aea280c270920eb0242d24a610f8b2ee83
Source location: content.xml paragraph 545
Stored source content
2-2-303. Procedure for merger.
(a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter.
(b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth:
(1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the “surviving association”;
(2) The terms and conditions of the proposed merger;
(3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association;
(4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger;
(5) The time when the merger shall become effective; and
(6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.
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Arkansas Code — all titles (historical 2020) · legal_authorities
2-2-101. Purpose.
(a) The purposes of this subchapter are to provide for:
(1) The formation and operation of agricultural cooperative associations; and
(2) The rights, powers, liabilities, and duties of cooperative associations.
(b) Associations organized under this subchapter shall be deemed to be nonprofit, inasmuch as they are not organized for the purpose of making profits for themselves or for their members as proprietors, but only for their members as patrons and employees of the associations.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-2-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 2-2-101. This identifies an authority to review, not proof of applicability.