MARVIN MANDEL, Governor

377

[395] 17. Consolidation in general.

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)    Submission to members. —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)    Articles of consolidation. —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 [subheading] 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, the address of its principal office and the
name and address of its resident agent; (3) a statement
that each consolidating cooperative agrees to the
consolidation; (4) the names and addresses of the
directors of the new cooperative; and (5) the terms and
conditions of the consolidation and the mode of carrying
the same into effect, including the manner in which
members of the consolidating cooperatives may or shall
become members of the new cooperative; and may contain
any provisions not inconsistent with this [subheading]
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.

[396] 18. Merger in general.

Any one 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:

(a) Submission to members. —The proposition for
the merger of the merging cooperatives into the surviving