Arizona Arizona Revised Statutes
§ 10-2073 — Merger, interest exchange, conversion, domestication or division; definitions
ARS § 10-2073Title 10. Corporations and Associations · Ch. 19. NOT FOR PROFIT CORPORATIONS AND ASSOCIATIONS, COOPERATIVES AND FRATERNAL AND BENEVOLENT SOCIETIES · Art. 2. Electric Cooperative Nonprofit Membership Corporations
Statute text
View on source10-2073. Merger, interest exchange, conversion, domestication or division; definitions A. A domestic electric cooperative nonprofit membership corporation may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6. A plan must be approved by two-thirds of the members. B. If a domestic electric cooperative nonprofit membership corporation is to be created in a merger, a conversion, a domestication or a division, both of the following apply: 1. The initial members of the corporation must consist of five or more natural persons or two or more cooperatives in accordance with section 10-2053. 2. The name of the corporation must comply with section 10-2054. C. For the purposes of this section: 1. "Conversion" means a transaction authorized by title 29, chapter 6, article 4. 2. "Division" means a transaction authorized by title 29, chapter 6, article 6. 3. "Domestication" means a transaction authorized by title 29, chapter 6, article 5. 4. "Interest exchange" means a transaction authorized by title 29, chapter 6, article 3. 5. "Merger" means a transaction authorized by title 29, chapter 6, article 2. 6. "Plan" means a plan of merger, interest exchange, conversion, domestication or division.