§ 50-4-707 — Application Process -- Content

50-4-707 . Application process -- content. (1) A person that seeks to engage in a conversion transaction for a nonprofit health entity and the nonprofit health entity shall submit an application to the commissioner and a copy of the application to the attorney general.
(2) The application submitted under subsection (1) is in addition to any other filing required by law.
(3) An application must include:
(a) the name of the proposed transferor;
(b) the name of the proposed transferee;
(c) the names of any other parties to the conversion transaction agreement;
(d) the terms of the proposed conversion transaction, including but not limited to a description and valuation of all consideration exchanges as a part of or as a result of the conversion and the extent to which the assets proposed to be converted are public assets;
(e) a copy of the conversion transaction agreement;
(f) a financial and community impact analysis report from an independent expert or consultant that addresses the criteria in 50-4-715 through 50-4-717 ;
(g) an independent valuation of the fair market value of the nonprofit health entity for a valuation date within 1 year prior to receipt by the nonprofit health entity or publication of a bona fide bid, offer, or letter of intent to acquire the nonprofit health entity; and
(h) an antitrust analysis prepared by an appropriate expert.

Legislative History

En. Sec. 5, Ch. 214, L. 2005.