SEC. 77-5-217. Consolidation of corporations.
Any two or more corporations created under the provisions of this article may enter into an agreement for the consolidation of such corporations. Such agreement shall set forth the terms and conditions of the consolidation, the name of the proposed consolidated corporation, the number of its directors, not less than three, the time of the annual meeting and election and the name of at least three persons to be directors until the first annual meeting. If such agreement is approved by the votes of a majority of the members of each corporation, the directors named in the agreement shall subscribe and acknowledge a certificate conforming substantially to the original certificates of incorporation, except that it shall be entitled and indorsed "certificate of consolidation of ----" (the blank space being filled in with the names of the corporations being consolidated) and shall state:
(a) The names of the corporations being consolidated.
(b) The name of the consolidated corporation.
(c) The other items required or permitted to be stated in an original certificate of incorporation.
Such certificate of consolidation and a certified copy or copies thereof shall be filed in the same places and approved by the same officers as an original certificate of incorporation and thereupon the proposed consolidated corporation, under its designated name, shall be and constitute a body corporate with all the powers of a corporation as originally formed under the provisions of this article.
SOURCES: Codes, 1942, Sec. 5480; Laws, 1936, ch. 184.