17-1640. Surviving association right to issue bonds or other obligations. When two or more associations or corporations are merged or consolidated, the association or corporation surviving or resulting from the merger or consolidation may issue bonds or other obligations, negotiable or otherwise, and with or without coupons or interest certificates thereto attached, to an amount sufficient with the association's or corporation's capital stock to provide for all the payments the association or corporation will be required to make, or obligations it will be required to assume, in order to effect the merger or consolidation. For the purpose of securing the payment of any such bonds and obligations, it shall be lawful for the surviving or resulting association or corporation to mortgage the association's or corporation's corporate franchise, rights, privileges and property, real, personal or mixed. The surviving or resulting association or corporation may issue certificated or uncertificated shares of the association's or corporation's capital stock and other securities to the members of the constituent associations or corporations in exchange or payment for the original shares, in such amount as shall be necessary in accordance with the terms of the agreement of merger or consolidation in order to effect such merger or consolidation in the manner and on the terms specified in the agreement.
History: L. 1991, ch. 74, ยง 4; May 30.
Structure Kansas Statutes
Article 16 - Cooperative Marketing
17-1601 Purpose of cooperative marketing act.
17-1602 Definitions, nonprofit character of associations.
17-1603 Incorporation of associations.
17-1604 Purposes of association.
17-1605 Powers of association.
17-1606 Members or stockholders.
17-1607 Articles of incorporation.
17-1612 Officers; requirements; elections.
17-1613 Certificate of membership; stock and stockholders.
17-1614 Removal of director or officer.
17-1615 Matters subject to referendum, when.
17-1616 Marketing contracts; injunction to prevent breach.
17-1617a Interest in other cooperative association or corporation.
17-1618 Annual report; annual report fee. [See Revisor's Note]
17-1621 Adoption of act by existing corporations.
17-1625 Application and recording fee.
17-1626 Conflicting laws not to apply; exemptions under existing laws to apply.
17-1627 Limitation of use of term "co-operative."
17-1628 Application of general corporation code.
17-1630 Meetings of stockholders and directors; resident agent.
17-1631 Dissolution for failure to carry on business; receivers.
17-1632 Contracts fixing resale prices.
17-1635 Same; invalidity of part.
17-1636 Disposition of property, assets and good will; notice to stockholders.
17-1637 Merger or consolidation of cooperative associations and corporations.
17-1639 When mergers effective; rights and liabilities to surviving association.
17-1640 Surviving association right to issue bonds or other obligations.