Section 40. Conversion of existing domestic corporations

Any corporation
  organized under the laws of this state and supplying  or  authorized  to
  supply  electric energy may be converted into a cooperative by complying
  with the following requirements and shall thereupon  become  subject  to
  this  chapter with the same effect as if originally organized under this
  chapter:
    (a) The proposition for the conversion  of  such  corporation  into  a
  cooperative  and  proposed articles of conversion to give effect thereto
  shall be submitted to a meeting of the members or stockholders  of  such
  corporation,  the  notice of which shall have attached thereto a copy of
  the proposed articles of conversion;
    (b) If the proposition for the conversion of such corporation  into  a
  cooperative   and   the   proposed  articles  of  conversion,  with  any
  amendments, are approved by  the  affirmative  vote  of  not  less  than
  two-thirds  of  those members of such corporation voting thereon at such
  meeting, or,  if  such  corporation  is  a  stock  corporation,  by  the
  affirmative  vote  of  the  holders of not less than two-thirds of those
  shares of the capital stock of  such  corporation  represented  at  such
  meeting  and voting thereon, articles of conversion in the form approved
  shall be executed and acknowledged on behalf of such corporation by  its
  president  or  vice-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 chapter and shall state:  (1) the
  name of the corporation and the address of its principal office prior to
  its conversion into a cooperative; (2) the  statute  or  statutes  under
  which  it was organized; (3) a statement that such corporation elects to
  become a cooperative, non-profit, membership corporation subject to this
  chapter; (4) its name as a cooperative; (5) the address of the principal
  office of the cooperative; (6) the names and addresses of the  directors
  of  the cooperative; and (7) the manner in which members or stockholders
  of such corporation may or shall become members of the cooperative;  and
  may  contain  any  provisions  not inconsistent with this chapter deemed
  necessary  or  advisable  for  the  conduct  of  the  business  of   the
  cooperative.  The president or vice-president executing such articles of
  conversion shall make and annex thereto an affidavit  stating  that  the
  provisions  of  this  section were duly complied with in respect of such
  articles.  The articles of conversion shall be deemed to be the articles
  of incorporation of the cooperative.