§ 331. Merger authorized.
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§ 331. Merger authorized.
(a)General rule.-- Except as provided in section 318 (relating to excluded entities and transactions) or this section, by complying with this chapter:
(1)One or more domestic entities may merge with one or more domestic entities or foreign associations into a surviving association.
(2)Two or more foreign associations may merge into a surviving association that is a domestic entity.
(3)A domestic banking institution may be a merging association or surviving association in a merger with one or more domestic or foreign associations if the surviving association or at least one of the merging associations is a domestic entity.
(b)Foreign law authorization required.-- By complying with the applicable provisions of this subchapter, a foreign association may be a party to a merger under this subchapter or may be the surviving association in such a merger if the merger is authorized by the laws of the jurisdiction of formation of the foreign association.
(c)Banking institutions.-- Subsection (a)(3) controls over any inconsistent provision of the organic law of a domestic banking institution that is a merging association.
(d)Exception.-- A health maintenance organization may be a merging association only if the surviving association is a health maintenance organization.
(e)Cross reference.-- See section 314 (relating to regulatory conditions and required notices and approvals).
15c332s