499.69 - FOREIGN AND DOMESTIC MERGERS OR CONSOLIDATIONS.

        499.69  FOREIGN AND DOMESTIC MERGERS OR      CONSOLIDATIONS.         One or more foreign cooperative associations and one or more      domestic cooperative associations may be merged or consolidated in      the following manner, if such merger or consolidation is permitted by      the laws of the state under which each foreign cooperative      association is organized:         1.  Each domestic cooperative association shall comply with the      provisions of this division with respect to the merger or      consolidation of domestic cooperative associations, and each foreign      cooperative association shall comply with the applicable provisions      of the laws of the state under which it is organized.         2.  If the surviving or new association is to be governed by the      laws of any state other than this state, it shall comply with the      provisions of the laws of this state with respect to the      qualifications of foreign cooperative associations if it is to      transact business in this state, and in every case it shall file with      the secretary of state of this state:         a.  An agreement that it may be served with process in this      state in any proceeding for the enforcement of any obligation of any      domestic cooperative association which is a party to the merger or      consolidation, and in any proceeding for the enforcement of the      rights of a dissenting shareholder of any such domestic cooperative      association, against the surviving or new association.         b.  An irrevocable appointment of the secretary of state of      this state as its agent to accept service of process in any      proceeding.         c.  An agreement that it will promptly pay to the dissenting      shareholders of any domestic cooperative association the amount to      which they are entitled under the provisions of this division with      respect to the rights of dissenters.         The effect of such merger or consolidation shall be the same as      the effect of the merger or consolidation of domestic cooperative      associations, if the surviving or new association is to be governed      by the laws of this state.  If the surviving or new association is to      be governed by the laws of any other state, the effect of merger or      consolidation shall be the same as in the case of the merger or      consolidation of domestic cooperative associations, except as the      laws of the other state otherwise provide.  
         Section History: Early Form
         [C71, 73, 75, 77, 79, 81, § 499.69]         Referred to in § 499.69A