§ 2-2-304 - Procedure for consolidation. - Arkansas Statutes

2-2-304. Procedure for consolidation.

(a) Any two (2) or more domestic associations created pursuant to 2-2-101 et seq. may consolidate into a new association pursuant to 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.