Merger and consolidation

193.801 Merger and consolidation. (1) AUTHORIZATION. Unless otherwise prohibited and except as otherwise provided in this subsection, a cooperative may merge or consolidate with a business entity by complying with this section and the applicable law of the jurisdiction under whose laws the surviving business entity will be organized. A cooperative may not merge or consolidate with a business entity organized under the laws of this state, other than an association, unless the law governing the business entity specifically authorizes merger or consolidation with a cooperative. (2) PLAN. To initiate a merger or consolidation, the board shall prepare a written plan stating all of the following: (a) The name of the cooperative and each business entity that is party to the merger or consolidation. (b) The name of the business entity that will survive the merger or consolidation. (c) The manner and basis of converting membership or ownership interests in the cooperative and each business entity that is party to the merger or consolidation into membership or ownership interests in the surviving business entity, money, or other property. (d) The terms of the merger or consolidation.