40-1617. Same; merger agreement; approval; submission to insurance commissioner.
40-1617
40-1617. Same; merger agreement; approval; submission to insurancecommissioner.(a) The board of directors of Armed Forces CooperativeInsuring Association and the board of directors of Armed Forces InsuranceCorporation shall enter into a written agreement on behalf of their respectiveinsurance entities for the merger of such insurance entities, prescribing theterms and conditions of the merger, which shall include the method of carryingthe merger into effect, the name of the surviving insurance entity and suchother provisions as are deemed advisable.
(b) Upon approval of such agreement by the boards of directors of both ArmedForces Cooperative Insuring Association and Armed Forces Insurance Corporation,at meetings called for the purpose of considering such agreement, each board ofdirectors shall by resolution direct that the agreement be submitted to thecommissioner of insurance of this state for approval.
History: L. 1992, ch. 72, § 3; May 7.