Arkansas § 2-2-304 - Procedure for consolidation.

§ 2-2-304. Procedure for consolidation.

Any two (2) or more domestic associations created under § 2-2-101 et seq. may consolidate into a new association under a plan of consolidation approved in the manner provided in this subchapter. The board of directors of each association by a resolution adopted by each board shall approve a plan of consolidation setting forth: The names of the associations proposing to consolidate, and the name of the new association into which they propose to consolidate, which is designated as the “new association”; The terms and conditions of the proposed consolidation; The manner and basis of converting the shares, patronage, or other interests of each association into shares or other interests of the new association; With respect to the new association, all of the statements required to be set forth in articles of incorporation for associations organized under this subchapter; The time when the consolidation shall become effective; and Such other provisions with respect to the proposed consolidation as are deemed necessary or desirable.