§ 5-207. Consolidation, merger, and transfer of assets

   (a) Consolidation or merger permitted only with nonstock corporation. -- A nonstock corporation may consolidate or merge only with another nonstock corporation.

(b) Consolidation, merger, and transfer of assets governed by Title 3. -- A consolidation, merger, or transfer of assets of a nonstock corporation shall be effected as provided in Title 3 of this article.

(c) Corporation organized to hold title for labor organization. -- Notwithstanding § 3-105(e) of this article, a proposed consolidation, merger, or transfer of assets of a nonstock corporation organized to hold title to property for a labor organization, and for related purposes, shall be approved by the same affirmative vote of the members of the corporation that the constitution or bylaws of the labor organization requires for the same action.

HISTORY: An. Code 1957, art. 23, § 136; 1975, ch. 311, § 2; 1982, ch. 816; 1999, ch. 34, § 7.