1. (a) A plan of exchange must include:

   1. (1) the name of each domestic entity the ownership or membership interests of which are to be acquired;
   2. (2) the name of each acquiring organization;
   3. (3) if there is more than one acquiring organization, the ownership or membership interests to be acquired by each organization;
   4. (4) the terms and conditions of the exchange; and

   5. (5) the manner and basis of exchanging the ownership or membership interests to be acquired for:

      1. (A) ownership or membership interests, obligations, rights to purchase securities, or other securities of one or more of the acquiring organizations that is a party to the plan of exchange;
      2. (B) cash;
      3. (C) other property, including ownership or membership interests, obligations, rights to purchase securities, or other securities of any other person or entity; or
      4. (D) any combination of those items.
2. (b) The manner and basis of exchanging an ownership or membership interest of an owner or member that is exchanged in a manner or basis different from any other owner or member having ownership or membership interests of the same class or series must be included in the plan of exchange in the same manner as provided by Subsection (a)(5).

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.