N.Y. Insurance Law Section 7103
Content of merger or consolidation agreement, and of charter of surviving or consolidated company


(a)

Any agreement for merger or consolidation shall contain the proposed charter of the surviving or consolidated company and such other particulars as may be necessary to explain and make manifest the objects and purposes of the surviving or consolidated company and the manner in which it is to be conducted. Such company may be given the name of one or more of the constituent companies, which name shall, however, comply with subsection (g) of § 1102 (Insurer’s license required)section one thousand one hundred two of this chapter. The approval of such agreement by the superintendent shall constitute an approval of such proposed charter.

(b)

The proposed charter shall conform to all requirements of paragraph five of subsection (a) of § 1201 (Incorporation of stock or mutual insurance companies)section one thousand two hundred one of this chapter.

(c)

If the surviving or consolidated company shall be a stock company, its charter shall provide that its capital shall be no larger than the sum of the capital of the constituent companies.

Source: Section 7103 — Content of merger or consolidation agreement, and of charter of surviving or consolidated company, https://www.­nysenate.­gov/legislation/laws/ISC/7103 (updated Sep. 22, 2014; accessed Jul. 20, 2024).

Accessed:
Jul. 20, 2024

Last modified:
Sep. 22, 2014

§ 7103’s source at nysenate​.gov

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