31A-5-501. Merger of subsidiary corporation.
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31A-5-501. Merger of subsidiary corporation.
The merger of subsidiary insurance corporations is subject to the provisions of Chapter 16, Insurance Holding Companies . In addition, the merger procedures outlined under Title 16, Chapter 10a, Utah Revised Business Corporation Act , apply to the mergers of subsidiary insurance corporations. For the purposes of this section, if the surviving corporation owns at least 80% of the outstanding shares of each class of the corporation to be merged into the surviving corporation, the procedures of Section 16-10a-1104 , including no requirement of shareholder approval, may be used.
Amended by Chapter 277 , 1992 General Session