40-1218. Same; procedure.
40-1218
40-1218. Same; procedure.Such merger or consolidation shall be made under the conditions,provisions, and restrictions, and with the powers herein set forth to wit:The directors of each company shall enter into a joint agreement, under thecorporate seal of each company, for the merger or consolidation of saidcompanies, prescribing the terms and conditions thereof, the mode ofcarrying the same into effect, the name of the surviving or new company,the number and names of the directors and other officers thereof, and whoshall be the first directors and officers, and their places of residence,and how and when directors and officers shall be chosen, with such otherdetails as required by this act and as they shall deem necessary to perfectthe said merger or consolidation. Said agreement shall not be effectiveunless the same shall be approved by the policyholders of said companiesand the commissioner of insurance in the manner hereinafter provided.
History: L. 1957, ch. 289, § 3; L. 1972, ch. 53, § 6; July 1.