§ 6625 — Merger; consolidation

§ 6625. Merger; consolidation. (a) Two or more advance premium\ncorporations may, in accordance with applicable provisions of article\nseventy-one of this chapter, merge or consolidate.\n (b) Two or more assessment corporations licensed to do business either\nwholly or substantially in a common territory may, in accordance with\napplicable provisions of article seventy-one of this chapter, merge or\nconsolidate.\n (c) (1) If, after investigation and examination, the superintendent\nfinds that the proceedings for merger or consolidation, as the case may\nbe, have been regularly taken in conformity with law and that the\ncontinuing or resulting corporation meets the requirements of this\nchapter, he may issue a license to such corporation to do business under\nthis chapter.\n (2) Every such continuing or new corporation shall assume and succeed\nto all the obligations and liabilities of the merging corporations and\nshall be liable to pay and discharge all such debts and liabilities in\nthe same manner as if they had been incurred or contracted by it.\n