Corporate consolidation definition
Corporate consolidation means a procedure, under Article 9 of the business corporation law, the corresponding statutes of other states and/or the corresponding statutes of foreign nations, comprised of the consolidation of two or more corporations into a single corporation which is a new corporation to be formed pursuant to the consolidation. In the case of a corporate consolidation, "acquiring person" means the constituent corporation the stockholders of which after the consolidation, own the largest proportion of the total voting power in the consolidated corporation, and "target corporation" means all other constituent corporations. A corporate consolidation does not include an excluded transaction as defined below or a procedure described herein which was completed prior to April 19, 1989.
Examples of Corporate consolidation in a sentence
Khalix is Corporate consolidation package for Dover, there are reporting requirements within the ECT and MT group that currently cannot be replicated without access to the Khalix package post closing.