Section 2-2-308 - Merger or consolidation of domestic and foreign associations(a) One (1) or more foreign associations and one (1) or more domestic associations may be merged or consolidated in the following manner if the merger or consolidation is permitted by the laws of the state or country under which each foreign association is organized: (1) Each domestic association shall comply with the provisions of this subchapter with respect to the merger or consolidation, as the case may be, of domestic associations. Each foreign association shall comply with the applicable provisions of the laws of the state or country under which it is organized; and(2) If the surviving or new association, as the case may be, is to be governed by laws of any country or state other than this state, it shall comply with the laws of Arkansas with respect to the admission of foreign associations if it is to transact business in this state. Moreover, it shall file with the Secretary of State of this state an irrevocable appointment of the Secretary of State as its agent to accept service of process in any proceeding.(b)(1) The effect of the merger or consolidation shall be the same as in the case of the merger or consolidation of domestic associations if the surviving or new association is to be governed by the laws of this state.(2) If the surviving or new association is to be governed by the laws of any country or state other than this state, the effect of the merger or consolidation shall be the same as in the case of the merger or consolidation of domestic associations, except insofar as the laws of the other state provide otherwise.Acts 1981, No. 121, § 7; A.S.A. 1947, § 77-1033.