Share exchange authorized; plan of share exchange (a) A corporation may acquire all of the outstanding shares of one or more classes or series of another corporation if the board of directors of each corporation adopts, and its shareholders, if required under section 11.10 of this title, approve a plan of share exchange. (b) The plan of share exchange shall be in a record and shall include:(1) the name of the corporation whose shares will be acquired and the name of the acquiring corporation; and (2) the terms and conditions of the share exchange; including the manner and basis of exchanging the shares to be acquired in exchange for shares of the acquiring corporation or other consideration. (c) The plan of share exchange may contain any other provision not prohibited by law. (Added 2015, No. 157 (Adj. Sess.), § E.1, eff. July 1, 2017.)
Vermont Legal Code