Section: Construction as continuation of heretofore existing laws
4. The governing board of the financial institution shall adopt a plan of merger for a merger pursuant to this act between the financial institution and a subsidiary other than a financial institution setting forth:
a. The name of the financial institution and the name and type of business entity of each subsidiary which proposes to merge into the financial institution which is to be the surviving entity;
b. The terms and conditions of the proposed merger, including a statement of any amendments in the certificate of incorporation of the financial institution;
c. The manner and basis of converting the shares or other interests in the subsidiary or subsidiaries into shares of the financial institution, or the basis for payment of interests which are not to be so converted; and
d. Such other provisions with respect to the proposed merger as are deemed necessary or desirable by the commissioner.
We hope you find our tools helpful, please visit www.thelegalassistant.com for further information on our other free legal tools and products including LPO compliant legal case management software.