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Arizona Revised Statutes Title 10. Corporations and Associations § 10-2139. Merger, interest exchange, conversion, domestication or division;  definitions

Current as of March 08, 2022 | Updated by FindLaw Staff

A. A domestic nonprofit electric generation and transmission cooperative 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   1 and title 29, chapter 6.  2

B. Except as set forth in § 10-2141, a plan must be approved by two-thirds of the members.

C. If a domestic nonprofit electric generation and transmission cooperative corporation is to be created in a merger, a conversion, domestication or a division:

1. The initial members of the corporation must consist of two or more electric utilities or persons that fulfill the requirements for being a member as prescribed by § 10-2123.

2. The name of the corporation must comply with § 10-2124.

D. For the purposes of this section:

1. “Conversion” means a transaction authorized by title 29, chapter 6, article 4.  3

2. “Division” means a transaction authorized by title 29, chapter 6, article 6.  4

3. “Domestication” means a transaction authorized by title 29, chapter 6, article 5.  5

4. “Interest exchange” means a transaction authorized by title 29, chapter 6, article 3.  6

5. “Merger” means a transaction authorized by title 29, chapter 6, article 2.  7

6. “Plan” means a plan of merger, interest exchange, conversion, domestication or division.

1  Section 10-11101 et seq.
2  Section 29-2101 et seq.
3  Section 29-2401 et seq.
4  Section 29-2601 et seq.
5  Section 29-2501 et seq.
6  Section 29-2301 et seq.
7  Section 29-2201 et seq.
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Cite this article: FindLaw.com - Arizona Revised Statutes Title 10. Corporations and Associations § 10-2139. Merger, interest exchange, conversion, domestication or division;  definitions - last updated March 08, 2022 | https://codes.findlaw.com/az/title-10-corporations-and-associations/az-rev-st-sect-10-2139/

Read this complete Arizona Revised Statutes Title 10. Corporations and Associations § 10-2139. Merger, interest exchange, conversion, domestication or division;  definitions on Westlaw

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