TITLE 30

CORPORATIONS

CHAPTER 22

ENTITY TRANSACTIONS

PART 3

INTEREST EXCHANGE

30-22-302.  PLAN OF INTEREST EXCHANGE. (a) A domestic entity may be the acquired entity in an interest exchange under this part by approving a plan of interest exchange. The plan must be in a record and contain:

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

(2)  The name, jurisdiction of formation, and type of entity of the acquiring entity;

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

(4)  Any proposed amendments to:

(A)  The public organic record, if any, of the acquired entity; and

(B)  The private organic rules of the acquired entity that are, or are proposed to be, in a record;

(5)  The other terms and conditions of the interest exchange; and

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

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

History:

[30-22-302, added 2015, ch. 243, sec. 19, p. 794.]