Consolidation of cooperative corporations: Procedure; powers.
1. Upon written assent of two-thirds of all the members or by a vote of members representing two-thirds of the total votes of all members of each of two or more such nonprofit cooperative corporations to cooperate with each other for the more economical carrying on of their respective businesses by consolidation, the consolidation may be effected by two or more associations entering into an agreement in writing and adopting a name. The agreement must:
(a) Be signed by two-thirds of the members of each such association.
(b) State all the matters necessary to articles of incorporation.
(c) Be acknowledged by the signers before a person competent to take an acknowledgment of deeds in this State.
2. A certified copy of the agreement must be filed in the Office of the Secretary of State and the same fees for filing and recording, as required for filing and recording of original articles of incorporation, must be paid. Upon the filing of the certified copy, the former associations comprising the component parts cease to exist, and the consolidated association:
(a) Succeeds to all the rights, duties and powers of the component associations.
(b) Is possessed of all the rights, duties and powers prescribed in the agreement of consolidated associations not inconsistent with NRS 81.010 to 81.160, inclusive.
(c) Is subject to all the liabilities and obligations of the former component associations.
(d) Succeeds to all the property and interests thereof.
(e) May make bylaws and do all things permitted by NRS 81.010 to 81.160, inclusive.
3. Any such corporation, upon resolution adopted by its board of directors, may:
(a) Enter into contracts and agreements.
(b) Make stipulations and arrangements with any other corporation or corporations for the cooperative and more economical carrying on of its business, or any part or parts thereof.
4. Any two or more cooperative corporations organized under NRS 81.010 to 81.160, inclusive, upon resolutions adopted by their respective boards of directors, may, for the purpose of more economically carrying out their respective businesses, by agreement, unite in adopting, employing and using, or several such corporations may separately adopt, employ and use, the same methods, policy, means, agents, agencies and terms of marketing for carrying on and conducting their respective businesses.
Last modified: February 26, 2006