§ 7106 — Merger or consolidation between domestic and foreign companies; certificate of approval

New York § 7106

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 71: Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers

Text

§ 7106. Merger or consolidation between domestic and foreign\ncompanies; certificate of approval. (a) In case of a merger or\nconsolidation between a domestic and a foreign company, the agreement of\nmerger or consolidation shall be executed by the proper officers of said\nforeign company when they are duly authorized thereto by such action on\nthe part of the directors, shareholders or members of said foreign\ncompany as may be required by the laws of the state where the same is\nincorporated; and if required by such laws, said agreement of merger or\nconsolidation shall be submitted to the superintendent or other\ninsurance supervisory official of the state in which such foreign\ncompany is incorporated and no such merger or consolidation shall take\neffect until it shall have been approved by the superintendent of this\nstate, and, if required as aforesaid, by such insurance official of the\nstate where said foreign company is incorporated, as evidenced by a\ncertificate of his approval, filed in the office of the superintendent\nof this state.\n (b) No such merger or consolidation between a domestic and foreign\ncompany shall take effect, unless and until the surviving or\nconsolidated company, if such company is a foreign company, shall file\nwith the superintendent of this state a power of attorney in compliance\nwith section one thousand two hundred twelve of this chapter.\n