§ 4-27-1102 - Conversion. - Arkansas Statutes

4-27-1102. Conversion.

(a) An organization other than a corporation may convert to a corporation, and a corporation may convert to another organization under this section and 4-27-1103 through 4-27-1105 and a plan of conversion, if the:

(1) Other organization's governing statute authorizes the conversion and is complied with; and

(2) Conversion is not prohibited by the law of the jurisdiction that enacted the governing statute.

(b) A plan of conversion must be in a record and must include the:

(1) Name and form of the organization before conversion;

(2) Name and form of the organization after conversion;

(3) Terms and conditions of the conversion, including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted organization, and other consideration; and

(4) Organizational documents of the converted organization.