N.D. Cent. Code § 10-33-89

This is the official text of N.D. Cent. Code § 10-33-89, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.

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10-33-89. Abandonment

Official statutory text

10-33-89. Abandonment

1. After a plan of merger or consolidation has been approved by each constituent

corporation under section 10-33-87 and before the effective date of the plan, it may be

abandoned:

a. If each constituent corporation has approved the abandonment at a meeting:

(1) By a majority of the members with voting rights voting on the issue; or

(2) If the corporation does not have voting members, by a majority of all

directors; or

b. If the plan itself provides for abandonment and the conditions for abandonment in

the plan are met.

2. A plan of merger or consolidation may be abandoned after it has been approved by

each constituent corporation and before the effective date of the plan, by a resolution

approved by a majority of all directors of the constituent corporation abandoning the

plan of merger or consolidation, subject to the contract rights of any other person

under the plan.

3. If articles of merger or consolidation have been filed with the secretary of state, but

have not yet become effective, articles of abandonment that comply with subsection 4

must be filed with the secretary of state by:

a. The constituent corporations, in the case of abandonment under subdivision a of

subsection 1;

b. The constituent corporations or any one of them, in the case of abandonment

under subdivision b of subsection 1; or

c. The abandoning corporation in the case of abandonment under subsection 2.

4. The articles of abandonment must contain:

a. The names of the constituent corporations;

b. The provision of this section under which the plan is abandoned; and

c. If the plan is abandoned under subsection 2, the text of the resolution approved

by the directors abandoning the plan.

Status: in_force · Read it on the official government site

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