Ark. Code Ann. § 2-2-304: Procedure for consolidation

(a) 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. (b) The board of directors of each association by a resolution adopted by each board shall approve a plan of consolidation setting forth: (1) 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"; (2) The terms and conditions of the proposed consolidation; (3) The manner and basis of converting the shares, patronage, or other interests of each association into shares or other interests of the new association; (4) 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; (5) The time when the consolidation shall become effective; and (6) Such other provisions with respect to the proposed consolidation as are deemed necessary or desirable. Acts 1981, No. 121, § 3; A.S.A. 1947, § 77-1029.

(a) 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.

(b) The board of directors of each association by a resolution adopted by each board shall approve a plan of consolidation setting forth: (1) 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"; (2) The terms and conditions of the proposed consolidation; (3) The manner and basis of converting the shares, patronage, or other interests of each association into shares or other interests of the new association; (4) 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; (5) The time when the consolidation shall become effective; and (6) Such other provisions with respect to the proposed consolidation as are deemed necessary or desirable.

(1) 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";

(2) The terms and conditions of the proposed consolidation;

(3) The manner and basis of converting the shares, patronage, or other interests of each association into shares or other interests of the new association;

(4) 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;

(5) The time when the consolidation shall become effective; and

(6) Such other provisions with respect to the proposed consolidation as are deemed necessary or desirable.