Delaware Code Title 18 Sec. 4934 – Merger, consolidation — Allowable circumstances; “surviving …
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(a) A domestic mutual insurer shall not merge or consolidate with a stock insurer.
Terms Used In Delaware Code Title 18 Sec. 4934
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) A domestic mutual insurer may merge or consolidate with another domestic or foreign mutual insurer under the procedures provided for in this and §§ 4935-4942 of this title.
(c) If for a consolidation and the new corporation is to be domiciled in this State, the new corporation shall be formed under the applicable provisions of the general corporation laws of this State.
(d) For the purposes of this chapter the “surviving insurer” is that which survives and continues as a result of a merger of 2 or more corporations into 1 corporation.
18 Del. C. 1953, § ?4934; 56 Del. Laws, c. 380, § ?1;