Iowa Code 501.617 – Articles of merger or consolidation
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1. Upon approval, articles of merger or articles of consolidation shall be executed by each cooperative as provided in section 501.105. The articles must include the following:
a. The plan of merger or the plan of consolidation.
b. As to each cooperative, the number of members.
c. As to each cooperative, the number of members who voted for and against the plan at the meeting called for that purpose.
Terms Used In Iowa Code 501.617
- Articles: means the cooperative's articles of association. See Iowa Code 501.101
- Consolidation: means the uniting of two or more cooperatives organized under this chapter into one cooperative organized under this chapter, in such manner that a new cooperative is formed, and the new cooperative absorbs the others, which cease to exist as separate entities. See Iowa Code 501.611
- Cooperative: means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501. See Iowa Code 501.101
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Merger: means the uniting of two or more cooperatives organized under this chapter into one cooperative organized under this chapter, in such manner that one of the merging associations continues to exist and absorbs the others, which cease to exist as entities. See Iowa Code 501.611
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The articles of merger or articles of consolidation shall be delivered to the secretary of state for filing.
3. The secretary of state, upon the filing of articles of merger or articles of consolidation, shall issue a certificate of merger or a certificate of consolidation and send the certificate to the surviving or new cooperative, or to its representative.