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North Dakota Century Code Title 10. Corporations § 10-33-89. Abandonment

Current as of January 01, 2024 | Updated by Findlaw Staff

1. After a plan of merger or consolidation has been approved by each constituent corporation under section 10-33-87 and before the effective date of the plan, it may be abandoned:

a. If each constituent corporation has approved the abandonment at a meeting:

(1) By a majority of the members with voting rights voting on the issue; or

(2) If the corporation does not have voting members, by a majority of all directors; or

b. If the plan itself provides for abandonment and the conditions for abandonment in the plan are met.

2. A plan of merger or consolidation may be abandoned after it has been approved by each constituent corporation and before the effective date of the plan, by a resolution approved by a majority of all directors of the constituent corporation abandoning the plan of merger or consolidation, subject to the contract rights of any other person under the plan.

3. If articles of merger or consolidation have been filed with the secretary of state, but have not yet become effective, articles of abandonment that comply with subsection 4 must be filed with the secretary of state by:

a. The constituent corporations, in the case of abandonment under subdivision a of subsection 1;

b. The constituent corporations or any one of them, in the case of abandonment under subdivision b of subsection 1; or

c. The abandoning corporation in the case of abandonment under subsection 2.

4. The articles of abandonment must contain:

a. The names of the constituent corporations;

b. The provision of this section under which the plan is abandoned; and

c. If the plan is abandoned under subsection 2, the text of the resolution approved by the directors abandoning the plan.

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Cite this article: FindLaw.com - North Dakota Century Code Title 10. Corporations § 10-33-89. Abandonment - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-10-corporations/nd-cent-code-sect-10-33-89/

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