§ 904-b. Merger or consolidation of business corporations into

non-profit corporations.

(a) A domestic business corporation may be merged or consolidated into
a domestic corporation formed under section two hundred one (Purposes)
of the not-for-profit corporation law and authorized to do business
under article forty-three of the insurance law.

(b) With respect to procedure, including approval by members or
authorization by shareholders, the domestic not-for-profit corporation
shall comply with the not-for-profit corporation law and the domestic
business corporation shall comply with the provisions of this chapter.

(c) The plan of merger or consolidation, pursuant to this section,
shall set forth all matters required by section nine hundred two of the
not-for-profit corporation law or section 902 (Plan of merger or
consolidation) and the terms and conditions of the proposed merger or
consolidation, including the manner and basis of converting shares,
bonds or other securities in each constituent corporation into
membership or other interest of the surviving or consolidated
corporation, or the cash or other consideration to be paid or delivered
in exchange for shares, bonds or other securities in each constituent
corporation, or a combination thereof.

(d) After adoption of the plan of merger or consolidation by the board
and shareholders or members of each constituent corporation, unless the
merger or consolidation is abandoned in accordance with paragraph (b) of
section 903 (Authorization by shareholders) and paragraph (b) of section
nine hundred three of the not-for-profit corporation law, a certificate
of merger or consolidation, entitled "Certificate of merger (or
consolidation) of ........ and.......... into ........... (names of
corporations) under section 904-b of the Business Corporation Law",
shall be signed on behalf of each constituent corporation and delivered
to the department of state.

(e) The certificate required to be filed pursuant to this section
shall set forth the statements required by paragraph (a) of section nine
hundred four of the not-for-profit corporation law or paragraph (a) of
section nine hundred four (Adoption of the plan of merger or
consolidation).
(f) No certificate shall be filed pursuant to this section until an
order approving the plan of merger or consolidation and authorizing the
filing of the certificate has been made by the supreme court, as
provided in section nine hundred seven of the not-for-profit corporation
law.

(g) Upon the filing of the certificate of merger or consolidation by
the department of state or on such date subsequent thereto, not to
exceed thirty days, as shall be set forth in such certificate, the
merger or consolidation shall be effected.

(h) The surviving or consolidated domestic corporation shall
thereafter cause a copy of such certificate, certified by the department
of state, to be filed in the office of the clerk of each county in which
the office of a constituent corporation, other than the surviving
corporation, is located, and in the office of the official who is the
recording officer of each county in this state in which real property of
a constituent corporation, other than the surviving corporation, is
situated.

(i) When such merger or consolidation has been effected, it shall be
subject to the not-for-profit corporation law and the effect of such
merger or consolidation shall be the same as in the case of the merger
or consolidation of domestic corporations under section nine hundred
five of the not-for-profit corporation law, except that in subparagraph
three of paragraph (b) of such section the word "member" shall be read
to include the word "shareholder" as the latter is defined in this
chapter.