Plan of interest exchange.
A domestic entity may be the acquired entity in an interest exchange under this subchapter by approving a plan of interest exchange. The plan shall be in a record and contain: The name and type of entity of the acquired entity; The name, jurisdiction of formation, and type of the acquiring entity; The manner of converting the interests in the acquired entity into interests, securities, obligations, rights to acquire interests or securities, money, or other property, or any combination of the foregoing; Any proposed amendments to the public organic record, if any, or private organic rules that are, or are proposed to be, in a record of the acquired entity; The other terms and conditions of the interest exchange; and Any other provision required by the law of the District or the organic rules of the acquired entity. A plan of interest exchange may contain any other provision not prohibited by law.
Annotations
July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720 Mar. 5, 2013, D.C. Law 19-210, § 2(b)(12), 59 DCR 13171 Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. The 2013 amendment by D.C. Law 19-210 inserted “of entity” following “type” in (a)(1); substituted “formation, and type” for “organization, and type” in (a)(2); substituted “money” for “cash” in (a)(3); and substituted “record, if any” for “document” in (a)(4). This section is referenced in § 29-201.02.
Sourced from the DC Council Open Law Library (public domain).
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