CONVERSION OF EXISTING CORPORATION.
Section 30
SEC. 30. CONVERSION OF EXISTING CORPORATION.—Any irrigators' association heretofore organized or registered under Act No. 1459, as amended, and Presidential Decree No. 902-A may convert itself into an association under this Decree by complying with the following requirements, and shall thereupon become subject to this Decree with the same effect as if it were originally organized hereunder: The proposition for the conversion of such corporation and the proposed articles of conversion to give effect thereto shall be submitted to a meeting of the members of such corporation, the notice of which shall have attached thereto a copy of the proposed articles of conversion or an accurate summary thereof. If the proposition for the conversion and the proposed articles of conversion, with any amendments, are approved by the affirmative vote of not less than a majority of all the members, the articles of conversion in the form approved shall be executed and acknowledged on behalf of such corporation by its president and its seal shall be affixed thereto and attested by its secretary. The articles of conversion shall recite that they are executed pursuant to this Decree and shall state: the name of the corporation and the address of its principal office prior to the conversion into an association; a statement that such corporation elects to become an association, non-profit, membership corporation subject to this Decree; its name as an association; the address of the principal office of the association; the names and addresses of the directors of the association; and the manner in which members of such corporation may or shall become members of the association; and may contain any other provisions not inconsistent with this Decree that are deemed necessary or advisable for the conduct of the business of the association. The president executing such articles of conversion shall make and annex thereto an affidavit stating that the provisions of this section were duly complied with respect to such articles. The articles of conversion shall be deemed to be the articles of incorporation of the association.