Exchange of owner's interest

7-90-203.1. Exchange of owner's interest. (1) One or more domestic entities may acquire all owner's interests of any other entity or all of one or more classes, series, or types, in exchange for owner's interests or other securities, obligations, rights to acquire owner's interests, or other securities, cash, property, or any combination pursuant to a plan of exchange complying with section 7-90-203.3 and approved pursuant to section 7-90-203.4. (2) A foreign entity may be party to an exchange pursuant to a plan of exchange complying with section 7-90-203.3 and approved, in the case of a domestic entity, pursuant to section 7-90-203.4, if: (a) The exchange is not prohibited by the constituent documents or organic statutes of the foreign entity; (b) The foreign entity complies with all of the requirements, if any, of its constituent documents and organic statutes in effecting the exchange; and (c) Any foreign entity that is the acquiring entity in the exchange complies with section 7-90-204.5. (3) This section does not limit the power of a domestic entity to acquire the owner's interests of any other entity in a transaction other than an exchange. Source: L. 2019: Entire section added, (SB 19-086), ch. 166, p. 1914, � 8, effective July 1, 2020. L. 2022: (1) and (3) amended, (HB 22-1250), ch. 80, p. 396, � 2, effective August 10.