Where there is to be a resulting state bank, the board of directors of each constituent bank or savings association shall, by a majority of the entire board, approve a merger agreement which shall contain:
1. The name of each constituent bank or savings association and the location of each office;
2. With respect to the resulting bank the name and the location of each proposed office; the name and residence of each director to serve until the next annual meeting of the stockholders; the name and residence of each officer; the amount of capital, the number of shares and the par value of each share; whether preferred stock is to be issued and the amount, terms and preferences; the amendments to the charter and bylaws;
3. The terms for the exchange of shares of the constituent banks or savings associations for those of the resulting bank;
4. A statement that the merger and the merger agreement are subject to approval by the Board and by the stockholders of each constituent bank or savings association;
5. Provisions governing the manner of disposing of the shares of the resulting state bank not taken by dissenting shareholders of constituent banks or savings associations; and
6. Such other provisions as the Board requires to enable it to discharge its duties with respect to the merger.
Added by Laws 1965, c. 161, § 1102. Amended by Laws 1990, c. 173, § 8, emerg. eff. May 3, 1990; Laws 1993, c. 183, § 16, eff. July 1, 1993.
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