§ 15-4-1030 - Merger.
15-4-1030. Merger.
(a) Subject to the provisions of this subchapter, a capital development company may merge or consolidate with or into another capital development company, a development finance corporation, a company organized under the County and Regional Industrial Development Company Act, 15-4-1201 et seq., a financial institution, or any other entity.
(b) (1) Each entity that is a party to a merger or consolidation shall adopt articles of merger or consolidation in accordance with the applicable business law under which it was formed and shall file the articles with the Bank Commissioner.
(2) The commissioner shall issue a certificate approving the articles of merger or consolidation if the articles of merger or consolidation are acceptable to the commissioner.
(3) The articles of merger or consolidation are effective when the commissioner issues the certificate of approval.
(4) The company shall record the articles of merger or consolidation and the commissioner's certificate of approval in the same manner as the original articles.