Insurance Law 7103 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7102 Merger, consolidation and acquisition of assets; when permitted up ARTICLE 71 Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers next SECTION 7104 Company approval of merger or consolidation agreement Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7103 Content of merger or consolidation agreement, and of charter of surviving or consolidated company Insurance (ISC) CHAPTER 28, ARTICLE 71 § 7103. Content of merger or consolidation agreement, and of charter of surviving or consolidated company. (a) Any agreement for merger or consolidation shall contain the proposed charter of the surviving or consolidated company and such other particulars as may be necessary to explain and make manifest the objects and purposes of the surviving or consolidated company and the manner in which it is to be conducted. Such company may be given the name of one or more of the constituent companies, which name shall, however, comply with subsection (g) of section one thousand one hundred two of this chapter. The approval of such agreement by the superintendent shall constitute an approval of such proposed charter. (b) The proposed charter shall conform to all requirements of paragraph five of subsection (a) of section one thousand two hundred one of this chapter. (c) If the surviving or consolidated company shall be a stock company, its charter shall provide that its capital shall be no larger than the sum of the capital of the constituent companies.