44-224.04. Domestic stock company merger; contract; approval.
107 words·~1 min read·
/ne/chapter-44/44-224-04A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any domestic stock insurance company may merge with another stock insurer after the contract of merger is approved by the director. The director shall not approve any such contract of merger unless the interests of the policyholders or shareholders of both parties thereto are properly protected. If the director does not approve the contract of merger, he or she shall issue a written order of disapproval setting forth his or her findings. After having obtained the approval of the director, the contract of merger shall be consummated in the manner set forth in the Nebraska Model Business Corporation Act for the merger or consolidation of stock corporations.