Idaho Code 22-2622A – Consolidation and Merger Agreements — Voting Requirements
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 22-2622A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- member: shall include actual members of associations without capital stock and holders of common stock in associations organized with capital stock;
Idaho Code 22-2602Quorum: The number of legislators that must be present to do business.
A consolidation or merger of associations organized hereunder shall be effective if the agreement therefor is approved by a two-thirds (2/3) vote of those present and voting at a regularly called meeting of members, providing notice of the substance of the proposed agreement is in the notice of meeting, and provided further, a quorum is present as provided by the bylaws of each organization voting upon such consolidation or merger. The members of the associations may vote by mail if permitted by the bylaws of said voters’ associations, but not by proxy, and the votes by mail shall also be considered in determining the quorum. The failure of any member to vote or a negative vote on consolidation or merger as provided herein shall not entitle those failing to vote or voting in the negative to payment for his shares or other interests or have the value of his shares or other interests appraised, but said members [member’s] shares or other interests shall be transferred to and invested in the surviving or new corporation without further act or deed.