Indiana § 27-1-11-7 Completion of reorganization; effect

Indiana Statutes

§ 27-1-11-7 — Completion of reorganization; effect

Indiana § 27-1-11-7

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 11Reorganization of Existing Insurance Companies

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Bluebook

Ind. Code § 27-1-11-7 (2026).

Text

Upon the issuance of the certificate of reorganization by the secretary of state, the filing for record of the articles with the department and the county recorder as provided in section 6 of this chapter, and the issuance of the new certificate of authority provided for in section 6 of this chapter:

(1)the reorganization shall become effective;

(2)the corporation shall be entitled to all of the rights, privileges, immunities, powers, and franchises and be subject to all of the penalties, liabilities, and restrictions by the provisions of this article granted to or imposed upon corporations organized under this article; and

(3)the articles of incorporation or organization shall be deemed to be amended to the extent, if any, that any provision or provisions of such articles shall be rest

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Upon the issuance of the certificate of
reorganization by the secretary of state, the filing for record of the
articles with the department and the county recorder as provided in
section 6 of this chapter, and the issuance of the new certificate of
authority provided for in section 6 of this chapter:
(1) the reorganization shall become effective;
(2) the corporation shall be entitled to all of the rights, privileges,
immunities, powers, and franchises and be subject to all of the
penalties, liabilities, and restrictions by the provisions of this
article granted to or imposed upon corporations organized under
this article; and
(3) the articles of incorporation or organization shall be deemed
to be amended to the extent, if any, that any provision or
provisions of such articles shall be restated in the articles of
reorganization as provided by section 2 of this chapter.
Formerly: Acts 1935, c.162, s.145. As amended by
P.L.252-1985, SEC.58.