§ 7-6-44 — § 7-6-44. Procedure for consolidation.

§ 7-6-44. Procedure for consolidation.

(a) Notwithstanding anything to the contrary contained in any general or public law, rule, or regulation, any two (2) or more entities, whether defined in § 7-6-2, § 7-1.2-106, § 7-13-1, or § 7-16-2, may consolidate into one of the entities pursuant to a plan of consolidation approved in the manner provided in this chapter. This section does not apply to insurance holding company systems as defined in § 27-35-1.

(b) Each entity shall adopt a plan of consolidation setting forth:

(1) The names of the entities proposing to consolidate, and the name of the new entity into which they propose to consolidate, which is subsequently designated as the new entity;

(2) The terms and conditions of the proposed consolidation;

(3) Regarding the new entity, all of the statements required to be set forth in articles of incorporation for entities organized under this chapter; and

(4) Any other provisions regarding the proposed consolidation that are deemed necessary or desirable.

Legislative History

P.L. 1984, ch. 380, § 1; P.L. 1984, ch. 444, § 1; P.L. 2005, ch. 36, § 4; P.L. 2005, ch. 72, § 4; P.L. 2021, ch. 232, § 1, effective July 8, 2021; P.L. 2021, ch. 335, § 1, effective July 9, 2021.