TITLE 30

CORPORATIONS

CHAPTER 22

ENTITY TRANSACTIONS

PART 5

DOMESTICATION

30-22-502.  PLAN OF DOMESTICATION. (a) A domestic entity may become a foreign entity in a domestication by approving a plan of domestication. The plan must be in a record and contain:

(1)  The name and type of entity of the domesticating entity;

(2)  The name and jurisdiction of formation of the domesticated entity;

(3)  The manner of converting the interests in the domesticating entity into interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing;

(4)  The proposed public organic record of the domesticated entity if it is a filing entity;

(5)  The full text of the private organic rules of the domesticated entity that are proposed to be in a record;

(6)  The other terms and conditions of the domestication; and

(7)  Any other provision required by the law of this state or the organic rules of the domesticating entity.

(b)  In addition to the requirements of subsection (a) of this section, a plan of domestication may contain any other provision not prohibited by law.

History:

[30-22-502, added 2015, ch. 243, sec. 21, p. 802.]