Title 10 – Corporations and Associations

Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies

Article 2 – Electric Cooperative Nonprofit Membership Corporations

• A. A domestic electric cooperative nonprofit membership 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 and title 29, chapter 6. A plan must be approved by two-thirds of the members.
• B. If a domestic electric cooperative nonprofit membership corporation is to be created in a merger, a conversion, a domestication or a division, both of the following apply:
• 1. The initial members of the corporation must consist of five or more natural persons or two or more cooperatives in accordance with section 10-2053.
• 2. The name of the corporation must comply with section 10-2054.
• C. For the purposes of this section:
• 1. "Conversion" means a transaction authorized by title 29, chapter 6, article 4.
• 2. "Division" means a transaction authorized by title 29, chapter 6, article 6.
• 3. "Domestication" means a transaction authorized by title 29, chapter 6, article 5.
• 4. "Interest exchange" means a transaction authorized by title 29, chapter 6, article 3.
• 5. "Merger" means a transaction authorized by title 29, chapter 6, article 2.
• 6. "Plan" means a plan of merger, interest exchange, conversion, domestication or division.