Alaska Statutes 10.15.410 – Adoption of plan of merger or consolidation
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Terms Used In Alaska Statutes 10.15.410
- board: means board of directors. See Alaska Statutes 10.15.595
- cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
- member: means a person who has been qualified and accepted for membership in a cooperative. See Alaska Statutes 10.15.595
- shareholder: means a holder of shares of capital stock of a cooperative other than membership stock. See Alaska Statutes 10.15.595
The board of each cooperative, upon approving the plan of merger or plan of consolidation, shall by resolution direct that the plan be submitted to a vote at a meeting of members and shareholders, or if there are no shareholders at an annual or a special meeting of members. Written notice shall be given to each member and each shareholder in the manner provided in this chapter for meetings of members, and adoption of the plan shall be by affirmative vote of a majority of the member votes cast and affirmative vote of a majority of shareholder votes entitled to be cast.