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30.0176 Merger or share exchange with foreign corporation.

Cite as [A.S.C.A. § 30.0176]

(a) One or more foreign corporations may merge or enter into a share exchange with one or more domestic corporation if:

(1) in a merger, the merger is permitted by the law of the state or country under whose law each foreign corporation is incorporated and each foreign corporation complies with that law in effecting the merger;

(2) in a share exchange, the corporation whose shares will be acquired is a domestic corporation, whether or not a share exchange is permitted by the law of the state or country under whose law the acquiring corporation is incorporated;

(3) the foreign corporation complies with section 30.0174 if it is the surviving corporation of the merger or acquiring corporation of the share exchange; and

(4) each domestic corporation complies with the applicable provisions of sections 30.0170 through 30.0173 and, if it is the surviving corporation of the merger or acquiring corporation of the share exchange, section 30.0174.

(b) Upon the merger or share exchange taking effect, the surviving foreign corporation of a merger and the foreign acquiring corporation of a share exchange is deemed:

(1) to appoint the treasurer as its agent for service of process in a proceeding to enforce any obligation or the rights of dissenting shareholders of each domestic corporation party to the merger or share exchange; and

(2) to agree that it will promptly pay to the dissenting shareholders of each domestic corporation party to the merger or share exchange the amount, if any, to which they are entitled under Chapter 30.0180 et seq.

(c) This section does not limit the power of a foreign corporation to acquire all or part of the shares of one or more classes or series of a domestic corporation through a voluntary exchange or otherwise.

History: 2000, PL 26-23.