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

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 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 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.