10-2026. Merger, interest exchange, conversion, domestication or division; definitions

A. A domestic cooperative association 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.

B. If a domestic cooperative association is to be created in a merger, a conversion, a domestication or a division, the initial members of the association must consist of any of the following:

1. Five or more persons engaged in the production of agricultural products pursuant to section 10-2003, subsection A.

2. Five or more small businesses, individuals or entities engaged in the marketing and distribution of manufactured goods for import and export purposes.

3. Five or more persons for the purpose of producing, manufacturing and selling goods or services.

C. For the purposes of this section, references in chapter 34 of this title to a " corporation" are deemed references to a domestic cooperative association.

D. 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.