When used in this division, unless the context otherwise requires:
1. "Consolidation" means the uniting of two or more cooperative associations into one cooperative association, in such manner that a new cooperative association is formed, and the new cooperative association absorbs the others, which cease to exist as separate entities.
2. "Merger" means the uniting of two or more cooperative associations into one cooperative association, in such manner that one of the merging associations retains its corporate existence and absorbs the others, which cease to exist as corporate entities. "Merger" does not include the acquisition, by purchase or otherwise, of the assets of one cooperative association by another, unless the acquisition only becomes effective by the filing of articles of merger by the associations and the issuance of a certificate of merger pursuant to sections 499.67 and 499.68.
3. "New association" is the cooperative association resulting from the consolidation of two or more cooperative associations.
4. "Surviving association" is the cooperative association resulting from the merger of two or more cooperative associations.
[C71, 73, 75, 77, 79, 81, § 499.61]
87 Acts, ch 88, § 4
Referred to in § 499.47C, 501.602
Iowa General Assembly
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