40-513. Same; articles of merger or consolidation, requirements. - Kansas Statutes

40-513

Chapter 40.--INSURANCE Article 5.--MUTUAL LIFE INSURANCE COMPANIES

      40-513.   Same; articles of merger or consolidation, requirements.After a proposed agreement of merger or consolidation has been filedwith the commissioner of insurance and has not been disapproved andafter approval of the policyholders, if required, upon agreement ofmerger or consolidation the articles of merger or consolidation, as thecase may be, shall be executed under the seal of each insurer, shall beverified by a duly authorized officer of each insurer and shall setforth, as applicable:

      (a)   The name of the surviving or new corporation;

      (b)   the time and place of the meeting of the directors at which theagreement of merger or consolidation was approved and, except whenpursuant to K.S.A. 40-512 the agreement was not submitted toa vote of the policyholders of the insurer, the time and place of themeeting of the policyholders of each insurer at which the agreement ofmerger or consolidation, as the case may be, was approved, the kind andperiod of notice given to the policyholders and the total vote by whichthe agreement was approved;

      (c)   in the case of a merger into a surviving insurer, any changesdesired to be made in the articles of the surviving insurer, or in thecase of a consolidation into a new domestic insurer, all of thestatements required by law to be set forth in the original articles inthe case of the formation of a domestic insurer;

      (d)   the number, names and addresses of the persons to be thedirectors of the surviving or new insurer; and

      (e)   the agreement of merger or consolidation.

      History:   L. 1980, ch. 135, § 7; July 1.