The proposition for the conversion of such corporation into a telephone cooperative and the proposed articles of conversion to give effect thereto must be first approved by the board of directors of such corporation. The proposed articles of conversion shall recite in the caption that they are executed pursuant to this chapter and shall state:
(1) the name of the corporation before its conversion into a telephone cooperative;
(2) the address of the principal office of such corporation;
(3) the date of the filing of the articles of incorporation of such corporation in the Office of the Secretary of State;
(4) the statute or statutes under which such corporation was organized;
(5) the name assumed by such corporation;
(6) a statement that such corporation elects to become a telephone cooperative nonprofit membership corporation subject to this chapter;
(7) the manner and basis of converting memberships or shares of stock in such corporation into memberships in the telephone cooperative after completion of the conversion; and
(8) any provision not inconsistent with this chapter considered necessary or advisable for the conduct of the business and affairs of such telephone cooperative.
HISTORY: 1994 Act No. 392, Section 1.
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