Arkansas Code Title 2. Agriculture § 2-2-313. Shareholders, etc.--Entitlements

(1) The surviving or new association in any merger or consolidation agrees to assume the obligations for the capital stock, patronage, or other interests of the merging or consolidating association, determined as of the effective date of the merger or consolidation, as may be provided under the bylaws or articles of association of the merging or consolidating association, or the association whose assets are sold or leased; or

(2) The acquiring association in any purchase or lease of all or substantially all of the property and assets of a transferring association pays consideration to the transferring association in cash or equity of the acquiring association, or both, the face value of which is equal to or greater than the face value of the issued and outstanding equity of the transferring association held by its shareholders, members, or patrons, determined as of the effective date of the sale or lease of assets.