Montana Code 35-14-1106. Articles of merger or share exchange
35-14-1106. Articles of merger or share exchange. (1) After a plan of merger has been adopted and approved as required by this chapter or, if the merger is being effected under 35-14-1102(1)(b), the merger has been approved as required by the organic law governing the parties to the merger, the articles of merger must be signed by each party to the merger except as provided in 35-14-1105(1). The articles must set forth:
Terms Used In Montana Code 35-14-1106
- Acquired entity: means the domestic or foreign corporation or eligible entity that will have all of one or more classes or series of its shares or eligible interests acquired in a share exchange. See Montana Code 35-14-1101
- Acquiring entity: means the domestic or foreign corporation or eligible entity that will acquire all of one or more classes or series of shares or eligible interests of the acquired entity in a share exchange. See Montana Code 35-14-1101
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)the name, jurisdiction of formation, and type of entity of each party to the merger;
(b)the name, jurisdiction of formation, and type of entity of the survivor;
(c)if the survivor of the merger is a domestic corporation and its articles of incorporation are amended or if a new domestic corporation is created as a result of the merger:
(i)the amendments to the survivor’s articles of incorporation; or
(ii)the articles of incorporation of the new corporation;
(d)if the survivor of the merger is a domestic eligible entity and its public organic record is amended or if a new domestic eligible entity is created as a result of the merger:
(i)the amendments to the public organic record of the survivor; or
(ii)the public organic record of the new eligible entity;
(e)if the plan of merger required approval by the shareholders of a domestic corporation that is a party to the merger, a statement that the plan was duly approved by the shareholders and, if voting by any separate voting group was required, by each separate voting group in the manner required by this chapter and the articles of incorporation;
(f)if the plan of merger or share exchange did not require approval by the shareholders of a domestic corporation that is a party to the merger, a statement to that effect;
(g)as to each foreign corporation that is a party to the merger, a statement that the participation of the foreign corporation was duly authorized as required by its organic law;
(h)as to each domestic or foreign eligible entity that is a party to the merger, a statement that the merger was approved in accordance with its organic law or 35-14-1102(3); and
(i)if the survivor is created by the merger and is a domestic limited liability partnership, the filing required to become a limited liability partnership, as an attachment.
(2)After a plan of share exchange in which the acquired entity is a domestic corporation or eligible entity has been adopted and approved as required by this chapter, articles of share exchange must be signed by the acquired entity and the acquiring entity. The articles must set forth:
(a)the name of the acquired entity;
(b)the name, jurisdiction of formation, and type of entity of the domestic or foreign corporation or eligible entity that is the acquiring entity; and
(c)a statement that the plan of share exchange was duly approved by the acquired entity by:
(i)the required vote or consent of each class or series of shares or eligible interests included in the exchange; and
(ii)the required vote or consent of each other class or series of shares or eligible interests entitled to vote on approval of the exchange by the articles of incorporation or organic rules of the acquired entity or by 35-14-1103(3).
(3)In addition to the requirements of subsection (1) or (2), articles of merger or share exchange may contain any other provision not prohibited by law.
(4)The articles of merger or share exchange must be delivered to the secretary of state for filing and, subject to subsection (5), the merger or share exchange takes effect on the effective date determined in accordance with 35-14-123.
(5)With respect to a merger in which one or more foreign entities is a party or a foreign entity created by the merger is the survivor, the merger itself becomes effective on the later of:
(a)the date all documents required to be filed in foreign jurisdictions to effect the merger have become effective; or
(b)the date the articles of merger take effect.
(6)Articles of merger filed under this section may be combined with any filing required under the organic law governing any domestic eligible entity involved in the transaction if the combined filing satisfies the requirements of both that organic law and this section.