Tennessee Code 56-10-108 – Merger of subsidiary company
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 56-10-108
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
- Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
If the domestic company owns at least ninety percent (90%) of the outstanding shares of another domestic or foreign stock insurance company, it may merge the other company into itself without approval by a vote of the shareholders of either company in accordance with § 48-21-102. In the event, the approval of the commissioner shall be obtained in the manner specified in § 56-10-104.