56-32-122 - Acquisition of control of or merger of an HMO.
56-32-122. Acquisition of control of or merger of an HMO.
No person may make a tender for or a request or invitation for tenders of, or enter into an agreement to exchange securities for or acquire in the open market or otherwise, any voting security of an HMO or enter into any other agreement if, after the consummation of the agreement, that person would, directly or indirectly, or by conversion or by exercise of any right to acquire, be in control of the HMO, and no person may enter into an agreement to merge or consolidate with or otherwise to acquire control of an HMO, unless, at the time any offer, request or invitation is made or any agreement is entered into, or prior to the acquisition of the securities if no offer or agreement is involved, the person has filed with the commissioner and has sent to the HMO, information required by § 56-11-103(b)(1)-(5) and (13), and the offer, request, invitation, agreement or acquisition has been approved by the commissioner. Approval by the commissioner shall be governed by § 56-11-103(d)(1) and (2).
[Acts 1986, ch. 713, § 22; 1993, ch. 253, § 15; 2000, ch. 708, § 3a; T.C.A. § 56-32-222.]