§353. Consolidation; articles of incorporation
A. If the joint agreement is for a consolidation into a new bank to be formed under this law, articles of incorporation for the new bank shall be prepared in the manner and form prescribed by law except that:
(1) The banks consolidating shall be named as the incorporators of the new bank.
(2) The articles shall be signed by the president or chief executive officer and secretary or assistant secretary or cashier or assistant cashier of each of the banks, and the articles shall be acknowledged by the officers so signing the articles.
(3) In addition to the provisions required by law to be contained therein, the articles shall state the shares, secured or unsecured obligations, cash, or other consideration to be delivered to the stockholders or members of each of the consolidating banks or the manner of converting shares thereof into securities of the new bank.
B. The articles shall be filed and recorded and a certificate of incorporation issued as provided in this law.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
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