                                 CODE OF VIRGINIA

MERGER OR CONSOLIDATION (§ 13.1-339)

Associations shall have the power to merge or consolidate with any other like
associations. Such merger or consolidation shall be effected in accordance with
the general provisions of law providing for the merger or consolidation of other
corporations insofar as applicable, and where not applicable in a manner
analogous to that set forth in said provisions. In effecting such merger or
consolidation, two-thirds of the members voting thereon at any regular meeting,
or special meeting called for the purpose, shall take such action as is required
of stockholders. The fair cash value of the stock or membership of any
dissenting member shall be taken to mean the amount to which said member would
be entitled by way of distribution of assets if said association were dissolved.

HISTORY: Code 1950, § 13-259; 1956, c. 428.