13.1-339 - Merger or consolidation. - Virginia Statutes

§ 13.1-339. Merger or consolidation.

Associations shall have the power to merge or consolidate with any other likeassociations. Such merger or consolidation shall be effected in accordancewith the general provisions of law providing for the merger or consolidationof other corporations insofar as applicable, and where not applicable in amanner analogous to that set forth in said provisions. In effecting suchmerger or consolidation, two-thirds of the members voting thereon at anyregular meeting, or special meeting called for the purpose, shall take suchaction as is required of stockholders. The fair cash value of the stock ormembership of any dissenting member shall be taken to mean the amount towhich said member would be entitled by way of distribution of assets if saidassociation were dissolved.

(Code 1950, § 13-259; 1956, c. 428.)