Authority to merge or consolidate; status of surviving or successor corporation

Sec. 7. (a) A corporation organized under IC 8-1-13 may merge or consolidate with:

(1) one (1) or more cooperative corporations organized under IC 8-1-17; or

(2) one (1) or more corporations formed under this chapter;

if a plan of merger or consolidation that complies with section 8 of this chapter is approved under section 9 of this chapter.

(b) A cooperative corporation organized under IC 8-1-17 may merge or consolidate with:

(1) one (1) or more corporations organized under IC 8-1-13; or

(2) one (1) or more corporations formed under this chapter;

if a plan of merger or consolidation that complies with section 8 of this chapter is approved under section 9 of this chapter.

(c) A surviving corporation or successor corporation formed under this chapter:

(1) has all the rights, powers, privileges, immunities, and exemptions of:

(A) a local district corporation organized under IC 8-1-13; and

(B) a local cooperative corporation organized under IC 8-1-17; and

(2) is considered to be both:

(A) a local district corporation, within the meaning of that term as used in IC 8-1-13; and

(B) a local cooperative corporation, within the meaning of that term as used in IC 8-1-17.

As added by P.L.18-2010, SEC.1.