Statutes > Idaho Statutes > TITLE 30 CORPORATIONS > CHAPTER 18 IDAHO ENTITY TRANSACTIONS ACT > PART 1 GENERAL PROVISIONS > 30-18-104 REQUIRED NOTICE OR APPROVAL.

30-18-104 REQUIRED NOTICE OR APPROVAL.

TITLE 30

CORPORATIONS

CHAPTER 18

IDAHO ENTITY TRANSACTIONS ACT

PART 1

GENERAL PROVISIONS

30-18-104. Required notice or approval. (1) A domestic or foreign entity that is required to give notice to, or obtain the approval of, a governmental agency or officer before engaging in a merger transaction of a type covered by this chapter shall give the notice or obtain the approval in order to be a party to an interest exchange, conversion or domestication.

(2) Property held for a charitable purpose under the law of this state by a domestic or foreign entity immediately before a transaction under this chapter becomes effective may not, as a result of the transaction, be diverted from the objects for which it was donated, granted or devised unless, to the extent required by or pursuant to the law of this state concerning cy pres or other law dealing with nondiversion of charitable assets, the entity obtains an appropriate order of the attorney general specifying the disposition of the property.