One (1) or more cooperatives, each of which is hereinafter designated a “merging cooperative,” may merge into another cooperative, hereinafter designated the “surviving cooperative,” by complying with the following requirements:

(1) The proposition for the merger and proposed articles of merger to give effect thereto shall be first approved by the board of each merging cooperative, or by the board or boards of one (1) or more other cooperatives when proposed by at least three hundred (300) members of a cooperative in the manner provided by § 65-25-113(a)(2)(D) and by the board of the surviving cooperative. The proposed articles of merger shall recite in the caption that they are executed pursuant to this chapter and shall state:

lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 65-25-118

  • Board: means a cooperative's board of directors or the necessary number thereof to take action. See Tennessee Code 65-25-102
  • cooperatives: means one (1) or more nonprofit cooperative membership corporations heretofore or hereafter organized under or otherwise subject to this chapter, including corporations transacting business in this state pursuant to §. See Tennessee Code 65-25-102
  • Person: includes any natural person, firm, association, corporation, cooperative, business trust, partnership and federal, state or local governments, or departments, agencies or any other political subdivision thereof. See Tennessee Code 65-25-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(A) The name of each merging cooperative, the address of its principal office, and the date of the filing of its articles of incorporation in the office of the secretary of state;
(B) The name of the surviving cooperative and the address of its principal office;
(C) A statement that the merging cooperatives elect to be merged into the surviving cooperative;
(D) The terms and conditions of the merger and the mode of carrying the same into effect, including the manner and basis of converting the memberships in the merging cooperative or cooperatives into memberships in the surviving cooperative; and
(E) Any provisions not inconsistent with this chapter deemed necessary or advisable for the conduct of the business and affairs of the surviving cooperative;
(2) The proposition for the merger and the proposed articles of merger shall then be submitted to a vote of the members of each merging cooperative and of the surviving cooperative at any annual or special meeting of the members thereof, the notice of which shall set forth full particulars concerning the proposed merger. The proposed merger and the proposed articles of merger shall be approved upon receiving the affirmative votes of as many as, but not fewer than, two-thirds (2/3) of those members of each cooperative voting thereon at each such meeting; and
(3) Upon such approvals, articles of merger in the form approved shall be executed and acknowledged on behalf of each such cooperative by its president or vice president and attested by its secretary, who shall affix the cooperative’s seal thereto if it has and employs such a seal. The president or vice president shall also make and annex thereto affidavits stating that this section was duly complied with by such person‘s respective cooperative. Such articles of merger and affidavits shall be submitted to the secretary of state for filing as provided in this chapter.
  Previous section
Next section  
 Chapter 25 Contents