1. (a) A plan of interest exchange may be amended only with the consent of each party to the plan, except as otherwise provided in the plan. A domestic acquired entity may approve an amendment of a plan of interested exchange:

   1. (1) In the same manner as the plan was approved if the plan does not provide for the manner in which it may be amended; or

   2. (2) By the governors or interest holders of the entity in the manner provided in the plan, but an interest holder that was entitled to vote on or consent to approval of the interest exchange shall be entitled to vote on or consent to any amendment of the plan that will change:

      1. (A) The amount or kind of interests, securities, obligations, rights to acquire interests or securities, money, or other property, or any combination of the foregoing, to be received by any of the interest holders of the acquired entity under the plan;
      2. (B) The public organic record or private organic rules of the acquired entity that will be in effect immediately after the interest exchange becomes effective, except for changes that do not require approval of the interest holders of the acquired entity under its organic law or organic rules; or
      3. (C) Any other terms or conditions of the plan if the change would adversely affect the interest holder in any material respect.

2. (b) After a plan of interest exchange has been approved by a domestic acquired entity and before a statement of interest exchange becomes effective, the plan may be abandoned:

   1. (1) As provided in the plan; or
   2. (2) Unless prohibited by the plan, in the same manner as the plan was approved.

3. (c) If a plan of interest exchange is abandoned after a statement of interest exchange has been delivered to the Mayor for filing and before the statement of interest exchange becomes effective, a statement of abandonment, signed by a party to the plan, shall be delivered to the Mayor for filing before the time the statement of interest exchange becomes effective. The statement of abandonment shall be effective upon filing by the Mayor, and the interest exchange shall be abandoned and shall not become effective. The statement of abandonment shall contain:

   1. (1) The name of the acquired entity;
   2. (2) The date on which the statement of interest exchange was filed; and
   3. (3) A statement that the interest exchange has been abandoned in accordance with this section.

History

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720

Mar. 5, 2013, D.C. Law 19-210, § 2(b)(14), 59 DCR 13171

Editor's Notes

Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.

Effect of Amendments

The 2013 amendment by D.C. Law 19-210 rewrote (a) and (c).