New Jersey Statutes 15A:10-2. Procedure for consolidation
Terms Used In New Jersey Statutes 15A:10-2
- 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.
b. The board of each corporation shall approve a plan of consolidation setting forth:
(1) the names of corporations proposing to consolidate, and the name of the new corporation into which they propose to consolidate, which is hereinafter designated as the new corporation;
(2) the terms and conditions of the proposed consolidation;
(3) the manner and basis of converting the memberships of each corporation, in whole or in part, into memberships or obligations of the new corporation or into cash or other property;
(4) with respect to the new corporation, all of the statements required to be set forth in the certificate of incorporation for corporations organized under this act, except that it shall not be necessary to set forth the name and address of each incorporator; and
(5) any other provisions with respect to the proposed consolidation as are deemed necessary or desirable.
L.1983, c. 127, s. 15A:10-2, eff. Oct. 1, 1983.