(a) Without the prior approval of the circuit court of the county in which the corporation's principal office (or, if none in this state, its registered office) is located, a public benefit or religious corporation may merge only with:
(1) a public benefit or religious corporation;
(2) a foreign corporation that would qualify under this chapter as a public benefit or religious corporation; or
(3) a mutual benefit corporation, provided the public benefit or religious corporation is the surviving corporation and continues to be a public benefit corporation or religious corporation after the merger.
(b) Without an order of the circuit court of the county in which the corporation's principal office (or, if none in this state, its registered office) is located, no member of a public benefit or religious corporation may receive or keep anything as a result of a merger other than a membership or membership in the surviving public benefit or religious corporation. The court shall approve the transaction if it is in the public interest.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 33 - The Arkansas Nonprofit Corporation Act of 1993
§ 4-33-1101. Approval of plan of merger
§ 4-33-1102. Limitations on mergers by public benefit or religious corporations
§ 4-33-1103. Action on plan by board, members and third persons
§ 4-33-1104. Articles of merger
§ 4-33-1106. Merger with foreign corporation
§ 4-33-1107. Bequests, devises and gifts
§ 4-33-1108. Continuation of prior corporate existence for limited purpose