Code of Virginia § 38.2-1018. Plan of merger to be approved by Commission.
88 words·~1 min read·
/va/title-38-2/chapter-10/38-2-1018A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Before any joint agreement for the merger of domestic insurers is submitted to the stockholders or members, it shall first be submitted to and approved by the Commission. The Commission shall not approve the agreement unless, after a hearing, it finds that the plan of merger is fair, equitable, consistent with law, and that no reasonable objection to the plan exists. If the Commission fails to approve the plan it shall state the reasons in its order.
1952, c. 317, § 38.1-81; 1956, c. 431; 1986, c. 562.