Oklahoma § 18-438.17 - Consolidation of cooperatives

§ 18-438.17. Consolidation of cooperatives

Any two or more cooperatives (each of which is hereinafter

designated a "consolidating cooperative"), may consolidate into a

new cooperative (hereinafter designated the "new cooperative"), by

complying with the following requirements:

(a) The proposition for the consolidation of the consolidating

cooperatives into the new cooperative and proposed articles of

consolidation to give effect thereto shall be submitted to a meeting

of the members of each consolidating cooperative, the notice of

which shall have attached thereto a copy of the proposed articles of

consolidation;

(b) If the proposed consolidation and the proposed articles of

consolidation, with any amendments, are approved by the affirmative

vote of not less than two thirds of those members of each

consolidating cooperative voting thereon at each such meeting,

articles of consolidation in the form approved shall be executed and

acknowledged on behalf of each consolidating cooperative by its

president or vice president and its seal shall be affixed thereto

and attested by its secretary. The articles of consolidation shall

recite that they are executed pursuant to this act and shall state:

(1) the name of each consolidating cooperative and the address of

its principal office; (2) the name of the new cooperative and the

address of its principal office; (3) a statement that each

consolidating cooperative agrees to the consolidation; (4) the names

and addresses of the trustees of the new cooperative; (5) the terms

and conditions of the consolidation and the mode of carrying the

same into effect, including the manner in which members and

shareholders, if any, of the consolidating cooperatives may or shall

become members and shareholders, respectively, of the new

cooperative; (6) the purpose for which the cooperative is formed;

(7) the period of existence of the new cooperative, and may contain

any provisions not inconsistent with this act deemed necessary or

advisable for the conduct of the business of the new cooperative.

The president or vice president of each consolidating cooperative

executing such articles of consolidation shall make and annex

thereto an affidavit stating that the provisions of this section in

respect of such articles were duly complied with by such

cooperative.

Laws 1953, p. 488, § 17.