Arkansas Code of 1987 (2024)
Title 2 - AGRICULTURE (§§ 2-1-101 — 2-40-1305)
Subtitle 1 - GENERAL PROVISIONS (§§ 2-1-101 — 2-11-107)
Chapter 2 - AGRICULTURAL COOPERATIVE ASSOCIATIONS (§§ 2-2-101 — 2-2-430)
Subchapter 3 - MERGER AND CONSOLIDATION (§§ 2-2-301 — 2-2-313)
Section 2-2-303 - Procedure for merger

• (a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter.

• (b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth:
  • (1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the "surviving association";
  • (2) The terms and conditions of the proposed merger;
  • (3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association;
  • (4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger;
  • (5) The time when the merger shall become effective; and
  • (6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.

Acts 1981, No. 121, § 2; A.S.A. 1947, § 77-1028.