(a) Business corporations may merge into,

1. (i) another business corporation or
2. (ii) a nonprofit corporation, to the extent permitted by Section 33-31-1101, if the board of directors of each corporation adopts and its shareholders, of a business corporation, and members, of a nonprofit corporation, if required by Section 33-11-103 for business corporations and Section 33-31-1103 for nonprofit corporations, approve a plan of merger.

(b) The plan of merger must set forth the:

1. (1) name of each corporation planning to merge and the name of the surviving corporation into which each other corporation plans to merge;
2. (2) terms and conditions of the merger; and
3. (3) manner and basis of converting the shares of each business corporation into shares, obligations, other securities, or membership interests of the surviving or any other corporation or into cash or other property in whole or part.

(c) The plan of merger may set forth:

1. (1) amendments to the articles of incorporation of the surviving corporation; and
2. (2) other provisions relating to the merger.