§ 32. Consolidation. Any two or more cooperatives (each of which is
hereinafter designated a "consolidating cooperative"), may consolidate
into a new cooperative (hereinafter designated the "new cooperative"),
by complying with the following requirements:

(a) The proposition for the consolidation of the consolidating
cooperatives into the new cooperative and proposed articles of
consolidation to give effect thereto shall be submitted to a meeting of
the members of each consolidating cooperative, the notice of which shall
have attached thereto a copy of the proposed articles of consolidation;

(b) If the proposed consolidation and the proposed articles of
consolidation, with any amendments, are approved by the affirmative vote
of not less than two-thirds of those members of each consolidating
cooperative voting thereon at each such meeting, articles of
consolidation in the form approved shall be executed and acknowledged on
behalf of each consolidating cooperative by its president or
vice-president and its seal shall be affixed thereto and attested by its
secretary. The articles of consolidation shall recite that they are
executed pursuant to this chapter and shall state: (1) the name of each
consolidating cooperative and the address of its principal office; (2)
the name of the new cooperative and the address of its principal office;
(3) a statement that each consolidating cooperative agrees to the
consolidation; (4) the names and addresses of the directors of the new
cooperative; and (5) the terms and conditions of the consolidation and
the mode of carrying the same into effect, including the manner in which
members of the consolidating cooperatives may or shall become members of
the new cooperative; and may contain any provisions not inconsistent
with this chapter deemed necessary or advisable for the conduct of the
business of the new cooperative. The president or vice-president of each
consolidating cooperative executing such articles of consolidation shall
make and annex thereto an affidavit stating that the provisions of this
section in respect of such articles were duly complied with by such
cooperative.