23-37-705. Reorganization, merger, consolidation, or sale of assets.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-37-705. Reorganization, merger, consolidation, or sale of assets.

23-37-705. Reorganization, merger, consolidation, or sale of assets. (a) Pursuant to a plan adopted by the board of directors and approved by the Savings and Loan Association Board [abolished] as being equitable to the members or stockholders of the association and as not impairing the usefulness and success of other properly conducted associations in the vicinity, an association shall have power to reorganize, or to merge or consolidate with, or to sell all or a portion of its assets to another association or a federal association. (b) The plan of reorganization, merger or consolidation, or sale shall be approved by a majority vote of the members or stockholders of the affected associations cast at an annual meeting or at any special meeting called to consider such an action. (c) In all cases, the corporate continuity of the resulting corporation shall possess the same incidents as that of an association which has converted in accordance with this chapter.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-37-705

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.