26-904. MERGER — APPROVAL BY STOCKHOLDERS OF STATE BANKS. (1) To be effective, a merger which is to result in a state bank must be approved by the stockholders of each merging state bank by a vote of two-thirds (2/3) of the outstanding voting stock of each class at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the resulting state bank, including the amendments in the merger agreement.
(2) Notice of the meeting of stockholders of each state bank shall be given by publication in a newspaper of general circulation in the place where its principal office is located at least once a week for four (4) successive weeks, and by mail at least fifteen (15) days before the date of the meeting, to each stockholder of record of each merging bank at his address on the books of his bank; no notice by publication need be given if written waivers are received from the holders of two-thirds (2/3) of the outstanding shares of each class of stock. The notice shall be accompanied by a copy of section 26-909, Idaho Code, and shall state that the section sets forth the exclusive rights and remedies of dissenting stockholders.
History:
[26-904, added 1979, ch. 41, sec. 2, p. 98.]
Structure Idaho Code
Chapter 9 - CONSOLIDATION, SALE AND REORGANIZATION
Section 26-901 - RESULTING NATIONAL BANK.
Section 26-902 - RESULTING STATE BANK.
Section 26-903 - MERGER PROCEDURE — RESULTING STATE BANK.
Section 26-904 - MERGER — APPROVAL BY STOCKHOLDERS OF STATE BANKS.
Section 26-906 - CONVERSION OF NATIONAL INTO STATE BANK.
Section 26-907 - CONTINUATION OF CORPORATE ENTITY — USE OF OLD NAME.
Section 26-908 - SALE OF ASSETS OF BANK OR DEPARTMENT.
Section 26-909 - DISSENTING STOCKHOLDERS.