(a) Two or more domestic life companies may consolidate into a new company.
(b) To consolidate, the board of directors of each consolidating company, by resolution adopted by majority vote of the members of the boards, shall approve a plan of consolidation listing the following:
(1) The names of the companies proposing to consolidate.
(2) The name of the new company into which they propose to consolidate.
(3) The terms and conditions of the proposed consolidation.
(4) The manner and the basis of converting the shares or memberships of each company into:
(A) Shares, memberships, or other securities of the new company.
(B) Shares or other securities of another company.
(C) Cash or property.
(5) The articles of incorporation for domestic companies organized under this chapter.
(6) Other provisions with respect to the proposed consolidation as are deemed necessary or desirable.
CREDIT(S)
(June 19, 1934, ch. 672, ch. III, § 44, as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-642.
Legislative History of Laws
For legislative history of D.C. Law 5-160, see Historical and Statutory Notes following § 31-4443.