Arkansas Code
Subchapter 3 - Merger and Consolidation
§ 2-2-303. Procedure for merger

(a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter.
(b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth:
(1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the “surviving association”;
(2) The terms and conditions of the proposed merger;
(3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association;
(4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger;
(5) The time when the merger shall become effective; and
(6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.

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