§ 12-603. Exchange of securities; termination or amendment of merger

   (a) Exchange of securities. -- In or in connection with a merger or consolidation, beneficial interests or other rights or securities of, or interests in, a statutory trust, other business entity, or foreign business entity which is a party to the merger or consolidation may be exchanged for or converted into cash, property, rights, or securities of, or interests in, the successor or any other business entity or foreign business entity, whether or not a party to the transaction.

(b) Termination or amendment of merger or consolidation. -- Notwithstanding approval by the trustees or beneficial owners, an agreement of merger or consolidation may be terminated or amended at any time prior to the effective time of the merger or consolidation:

   (1) By agreement of the parties to the merger or consolidation; or

   (2) Under a provision for the termination or amendment of the merger or consolidation contained in the agreement of merger or consolidation.

HISTORY: 1999, ch. 452; 2010, ch. 611, § 1.