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2-2-304. Procedure for consolidation.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-2-304. Procedure for consolidation.
(a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may consolidate into a new association under a plan of consolidation approved in the manner provided in this subchapter.
(b) The board of directors of each association by a resolution adopted by each board shall approve a plan of consolidation setting forth:
(1) The names of the associations proposing to consolidate, and the name of the new association into which they propose to consolidate, which is designated as the “new association”;
(2) The terms and conditions of the proposed consolidation;
(3) The manner and basis of converting the shares, patronage, or other interests of each association into shares or other interests of the new association;
(4) With respect to the new association, all of the statements required to be set forth in articles of incorporation for associations organized under this subchapter;
(5) The time when the consolidation shall become effective; and
(6) Such other provisions with respect to the proposed consolidation as are deemed necessary or desirable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-2-304
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:2-2-304
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ffd37daa414fd650eb489fc0ad14229c19d79c5e84460d27a208559eed6f7bf2
Source location: content.xml paragraph 557
Stored source content
2-2-304. Procedure for consolidation.
(a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may consolidate into a new association under a plan of consolidation approved in the manner provided in this subchapter.
(b) The board of directors of each association by a resolution adopted by each board shall approve a plan of consolidation setting forth:
(1) The names of the associations proposing to consolidate, and the name of the new association into which they propose to consolidate, which is designated as the “new association”;
(2) The terms and conditions of the proposed consolidation;
(3) The manner and basis of converting the shares, patronage, or other interests of each association into shares or other interests of the new association;
(4) With respect to the new association, all of the statements required to be set forth in articles of incorporation for associations organized under this subchapter;
(5) The time when the consolidation shall become effective; and
(6) Such other provisions with respect to the proposed consolidation 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.