§414-314  Merger of subsidiary.  (a)  A
parent corporation owning at least ninety per cent of the outstanding shares of
each class of a subsidiary corporation may merge the subsidiary into itself
without approval of the shareholders of the parent or subsidiary.



(b)  The board of directors of the parent
corporation shall adopt a plan of merger that sets forth:



(1)  The names of the parent and subsidiary; and



(2)  The manner and basis of converting the shares of
the subsidiary into shares, obligations, or other securities of the parent or
any other corporation or into cash or other property in whole or in part.



(c)  The parent corporation shall mail a copy
of the plan of merger to each shareholder of the subsidiary corporation who
does not waive the mailing requirement in writing.



(d) Articles of merger shall be delivered to
the department director for filing and shall set forth:



(1)  The name and jurisdiction of incorporation of the
subsidiary corporation, and the name and jurisdiction of incorporation of the
corporation owning at least ninety per cent of its shares, which is hereinafter
designated as the surviving corporation;



(2)  A statement that the plan of merger has been
approved by the board of directors of the surviving corporation;



(3)  The number of outstanding shares of each class of
the subsidiary corporation and the number of shares of each class owned by the
surviving corporation;



(4)  The date a copy of the plan of merger was mailed
to shareholders of the subsidiary corporation entitled to receive the plan; and



(5)  A statement that includes:



(A)  An agreement that the surviving entity may
be served with process in this State in any action or proceeding for the
enforcement of any liability or obligation of any entity previously subject to
suit in this State that is to merge;



(B)  An irrevocable appointment of a resident
of this State as its agent to accept service of process in a proceeding under
subparagraph (A), that includes the resident's street address in this State;
and



(C)  An agreement for the enforcement, as
provided in this chapter, of the right of any dissenting member, shareholder,
or partner to receive payment for their interest against the surviving entity.



(e)  The parent may not deliver articles of
merger to the department director for filing until at least thirty days after
the date it mailed a copy of the plan of merger to each shareholder of the
subsidiary corporation who did not waive the mailing requirement.



(f)  Articles of merger under this section may
not contain amendments to the articles of incorporation of the parent
corporation (except for amendments enumerated in section 414-282). [L 2000, c
244, pt of §1; am L 2002, c 130, §25; am L 2006, c 184, §4]