§ 2-2-303 - Procedure for merger. - Arkansas Statutes

2-2-303. Procedure for merger.

(a) Any two (2) or more domestic associations created pursuant to 2-2-101 et seq. may merge into one (1) of these associations pursuant to 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.