(a) A corporation may acquire all of the outstanding shares of one (1) or more classes or series of another corporation if the board of directors and shareholders if required by § 4-27-1802 of each corporation approve the exchange.(b) The plan of exchange shall set forth: (1) The name of the corporation whose shares will be acquired and the name of the acquiring corporation;(2) The terms and conditions of the exchange; and(3) The manner and basis of exchanging the shares to be acquired for:(A) Shares, obligations, or other securities of the acquiring corporation or any other corporation; or(B) Cash or other property.(c) The plan of exchange may set forth other provisions relating to the exchange.(d) This section does not limit the power of a corporation to acquire all or part of the shares of one (1) or more classes or series of another corporation through a voluntary exchange or otherwise.Acts 2009, No. 408, § 4.
Arkansas Legal Code