A plan of consolidation approved by a resolution of the board of each corporation shall be proposed setting out
- (1) the names of the corporations proposing to consolidate and the name of the new corporation into which they propose to consolidate;
- (2) the terms and conditions of the proposed consolidation;
- (3) the manner and basis of converting the shares of each corporation into shares or other securities or obligations of the new corporation;
- (4) the statements with respect to the new corporation required to be set out in the articles of incorporation for corporations organized under this chapter; and
- (5) other provisions of the consolidation considered necessary or desirable.