§ 55-11-01. Merger. - North Carolina Statutes

Article 11.

Merger and ShareExchange.

§ 55‑11‑01. Merger.

(a)        One or morecorporations may merge into another corporation if the board of directors ofeach corporation adopts and its shareholders (if required by G.S. 55‑11‑03)approve a plan of merger.

(b)        The plan of mergermust set forth:

(1)        The name of eachcorporation planning to merge and the name of the surviving corporation intowhich each other corporation plans to merge;

(2)        The terms andconditions of the merger; and

(3)        The manner and basisof converting the shares of each corporation into shares, obligations, or othersecurities of the surviving or any other corporation or into cash or otherproperty in whole or part.

(c)        The plan of mergermay set forth:

(1)        Amendments to thearticles of incorporation of the surviving corporation; and

(2)        Other provisionsrelating to the merger.

(d)        The provisions ofthe plan of merger, other than the provisions referred to in subdivisions(b)(1) and (c)(1) of this section, may be made dependent on facts objectivelyascertainable outside the plan of merger if the plan of merger sets forth themanner in which the facts will operate upon the affected provisions. The factsmay include any of the following:

(1)        Statistical ormarket indices, market prices of any security or group of securities, interestrates, currency exchange rates, or similar economic or financial data.

(2)        A determination oraction by the corporation or by any other person, group, or body.

(3)        The terms of, oractions taken under, an agreement to which the corporation is a party, or anyother agreement or document. (1925, c. 77, s. 1; 1939, c. 5; 1943, c. 270; G.S., s.55‑165; 1955, c. 1371, s. 1; 1969, c. 751, s. 37; 1973, c. 469, s. 31;1989, c. 265, s. 1; 2005‑268, s. 16.)