1. (a) Two or more electric cooperatives may enter into an agreement to consolidate the cooperatives. The agreement must state:

   1. (1) the terms of the consolidation;
   2. (2) the name of the proposed consolidated cooperative;
   3. (3) the number of directors of the proposed consolidated cooperative;
   4. (4) the time of the annual meeting and election; and
   5. (5) the names of at least three persons to be directors until the first annual meeting.
2. (b) A consolidation agreement may be approved only on the votes of a majority of the members of each electric cooperative present in person or represented by proxy at a regular meeting or at a special meeting of its members called for that purpose.

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.