Bank Company decides to combine its operations with Credit Corporation to form Debit Finance Inc. Bank and Credit are domestic corporations. The plan for Bank and Credit's combination must be approved by the board of directors of

A) each corporation.
B) Bank only.
C) Credit only.
D) neither corporation.

The plan for the combination of two corporations into a new entity must be approved by the board of directors of each corporation involved in the merger or consolidation. This ensures that the interests of both companies are considered and that the decision is made with the consent of their respective governing bodies.