CORPORATIONS - CO-OPERATIVE AGRICULTURAL ASSOCIATIONS
AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO PROVIDE FOR THE INCORPORATION AND REGULATION OF CO-OPERATIVE AGRICULTURAL ASSOCIATIONS HAVING CAPITAL STOCK AND DEFINING AGRICULTURE SO AS TO INCLUDE PERSONS ENGAGED IN AGRICULTURE, DAIRYING, LIVESTOCK RAISING, POULTRY RAISING, FLORICULTURE, MUSHROOM GROWING, BEEKEEPING, HORTICULTURE, AND OTHER ALLIED OCCUPATIONS; AND PROVIDING PENALTIES," BEING CHAPTER 132, VOLUME 41, LAWS OF DELAWARE, 1937, RELATING TO SELLING, LEASING OR EXCHANGING PROPERTY AND ASSETS.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That Section 19, Chapter 132, Volume 41, Laws of Delaware, 1937, be and the same hereby is amended by adding the following paragraph to said section:
Any association organized, existing or registered as a co-operative agricultural association under this Act may also sell, lease or exchange all of its property and assets, including its goodwill and its corporate franchises, upon such terms and conditions and for such consideration as its Board of Directors shall deem expedient and for the best interests of the corporation, when authorized by written consent of the holders of a majority of the stock issued and outstanding having voting power or by vote of said stockholders at a meeting duly called for that purpose; provided, however, that no such authorization by vote or written consent shall be required where its Board of Directors determines that the fair value of its property and assets is less than the par value of its outstanding stock and its property and assets are sold to another association organized, existing or doing business as a co-operative agricultural association in this State and registered as provided under this Act, in exchange for the obligation to purchase or redeem, at the par value, any of its stock offered for sale or redemption by its stockholders and the obligation to assume and pay all its debts.
Approved May 14, 1951.