New Mexico Statutes 53-8-41. Procedure for consolidation
A. Any two or more domestic corporations may consolidate into a new corporation pursuant to a plan of consolidation approved in the manner provided in the Nonprofit Corporation Act.
Terms Used In New Mexico Statutes 53-8-41
- 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. Each corporation shall adopt a plan of consolidation setting forth:
(1) the names of the 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) with respect to the new corporation, all of the statements required to be set forth in articles of incorporation for corporations organized under the Nonprofit Corporation Act; and
(4) such other provisions with respect to the proposed consolidation as are deemed necessary or desirable.