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

A. A domestic cooperative marketing 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 marketing association is to be created in a merger, a conversion, a domestication or a division, the initial members of the association must consist of five or more persons engaged in the production of agricultural products in accordance with section 10-2003, subsection A.

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