US Laws, Codes, Statutes & Cases

53-8-41. Procedure for consolidation.

A.     Any two or more domestic corporations may consolidate into a new corporation pursuant to a plan of consolidation approved in the manner provided in the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978].   

B.     Each corporation shall adopt a plan of consolidation setting forth:   

(1)     the names of the corporations proposing to consolidate, and the name of the new corporation into which they propose to consolidate, which is hereinafter designated as the new corporation;   

(2)     the terms and conditions of the proposed consolidation;   

(3)     with respect to the new corporation, all of the statements required to be set forth in articles of incorporation for corporations organized under the Nonprofit Corporation Act; and   

(4)     such other provisions with respect to the proposed consolidation as are deemed necessary or desirable.