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Section 256. Upon the approval or adoption of the agreement to merge - Insurance Code (usually included in commercial codals)

Section 256. Upon the approval or adoption of the agreement to merge of Insurance Code (usually included in commercial codals). Section 256. Upon the approval or adoption of the agreement to merge or consolidate by the stockholders or members of the constituent companies,

  • Subjects 9 Bar syllabus groups
  • Codals 48 Primary legal sources

Insurance Code (usually included in commercial codals)

Section 256. Upon the approval or adoption of the agreement to merge or consolidate by the stockholders or members of the constituent companies, the corresponding articles of merger or of consolidation shall be duly executed by the presidents and attested by the corporate secretaries and shall bear the corporate seals of the merging or consolidating companies setting forth:

(1) The plan of merger or the plan of consolidation;

(2) As to each corporation, the number of shares outstanding, or in case of mutual corporations, the number of members; and

(3) As to each corporation, the number of shares or members voted for and against such plan respectively. Thereafter, a certified copy of such articles of merger or consolidation, together with a certificate of approval or adoption by the stockholders or members of such articles of merger or consolidation, verified by affidavits of such officers and under the seal of the constituent companies, shall be submitted to the Commissioner, together with such other papers or documents which the Commissioner may require, for his consideration.

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