Iowa Code § 489.1024 - Amendment or abandonment of plan of merger
AI-assisted research summary: A merger plan can be changed or abandoned only under the plan’s consent-and-procedure rules, and a filed abandonment must be delivered to the secretary of state before the merger becomes effective.
1. A plan of merger may be amended only with the consent of each party to the plan, except as otherwise provided in the plan. 2. A domestic merging limited liability company may approve an amendment of a plan of merger according to any of the following: a. In the same manner as the plan was approved, if the plan does not provide for the manner in which it may be amended. b. By its managers or members in the manner provided in the plan, but a member that was entitled to vote on or consent to approval of the merger is entitled to vote on or consent to any amendment of the plan that will change any of the following: (1) The amount or kind of interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing, to be received by the interest holders of any party to the plan. (2) The public organic record, if any, or private organic rules of the surviving entity that will be in effect immediately after the merger becomes effective, except for changes that do not require approval of the interest holders of the surviving entity under its organic law or organic rules. (3) Any other terms or conditions of the plan, if the change would adversely affect the member in any material respect. 3. After a plan of merger has been approved and before a statement of merger becomes effective, the plan may be abandoned as provided in the plan. Unless prohibited by the plan, a domestic merging limited liability company may abandon the plan in the same manner as the plan was approved. 4. If a plan of merger is abandoned after a statement of merger has been delivered to the secretary of state for filing and before the statement becomes effective, a statement of abandonment, signed by a party to the plan, must be delivered to the secretary of state for filing before the statement of merger becomes effective. The statement of abandonment takes effect on filing, and the merger is abandoned and does not become effective. The statement of abandonment must contain all of the following: a. The name of each party to the plan of merger. b. The date on which the statement of merger was filed by the secretary of state. c. A statement that the merger has been abandoned in accordance with this section. 2023 Acts, ch 152, §90, 161 Referred to in §489.208