(a) The articles of consolidation must recite that they are executed pursuant to this chapter and must state
(1) the name of each consolidating cooperative and the address of its principal office;
(2) the name of the new cooperative and the address of its principal office;
(3) a statement that each consolidating cooperative agrees to the consolidation;
(4) the names and addresses of the directors of the new cooperative;
(5) the terms and conditions of the consolidation and the manner of carrying it into effect, including the manner in which members of the consolidating cooperatives may or shall become members of the new cooperative.
(b) The articles of consolidation may contain provisions not inconsistent with this chapter that are considered necessary or advisable for the conduct of the business of the new cooperative.
(c) The presiding officer of each consolidating cooperative executing the articles of consolidation shall make and annex to the articles an affidavit stating that the provisions of this section regarding the articles were complied with by the cooperative.
Section: Previous 10.25.240 10.25.245 10.25.250 10.25.260 10.25.270 10.25.280 10.25.290 10.25.300 NextLast modified: November 15, 2016