§ 12-1005. Exchange or conversion of interests and stock.

   (a) Other entity to statutory trust. -- In a conversion of an other entity to a statutory trust, the stock, membership interests, partnership interests, beneficial interests, or other ownership interests of the other entity may be exchanged for or converted into any one or more of the following:

   (1) Beneficial interests of the statutory trust or stock, evidence of indebtedness, membership interests, partnership interests, beneficial interests, or other ownership interests of any other statutory trust or other entity, whether or not party to the conversion;

   (2) Other tangible or intangible property;

   (3) Money; and

   (4) Any other consideration.

(b) Statutory trust to other entity. -- In a conversion of a statutory trust to an other entity, beneficial interests of the statutory trust may be exchanged for or converted into any one or more of the following:

   (1) Stock, evidence of indebtedness, membership interests, partnership interests, beneficial interests, or other ownership interests of the other entity to which the statutory trust is converted or of any other statutory trust or other entity, whether or not party to the conversion;

   (2) Other tangible or intangible property;

   (3) Money; and

   (4) Any other consideration.

HISTORY: 2013, ch. 527, § 2; ch. 528, § 2.