Common use of REQUIREMENTS OF COLORADO LAW Clause in Contracts

REQUIREMENTS OF COLORADO LAW. Pursuant to the laws of the State of Colorado, a majority of the directors of a Colorado corporation may enter into an Agreement of Merger setting forth the terms and conditions of proposed merger, including a statement of the capitalization, the number of shares of Capital Stock of the surviving corporation, a statement of the methods of carrying the terms of the Merger Agreement into effect, and such other details as may be deemed necessary to disclose all matters effective in a merger. The laws of the State of Colorado further provide that notice of a proposed merger shall be given by mail to the last known address of each shareholder, not less than ten (10) days prior to such meeting Such notice shall contain the time and place of meeting. The laws of the State of Colorado provide further that notice of the proposed merger may be waived by stockholders. By the further terms of the laws of the State of Colorado, it is specified that if a majority of the outstanding stock of the Colorado corporation shall be voted in favor of the merger, the Agreement of Merger shall be declared adopted. The vote thereon shall be acknowledged on the Agreement of Merger by the President or Vice President and by the Secretary or Assistant Secretary of the Colorado corporation., where upon the same shall be filed in the office of the Secretary of State of Colorado upon the recordation in the office of the Secretary of State of Colorado, the merger shall, insofar as Colorado law is concerned, be deemed to be consummated.