83-19-117 - When stockholders' vote unnecessary. - Mississippi Statutes

§ 83-19-117. When stockholders' vote unnecessary.
 

If the domestic company owns at least ninety-five percent (95%) of the outstanding shares of another domestic or foreign stock insurance company, it may merge such other company into itself without approval by a vote of the shareholders of either company in accordance with the general laws of this state governing merger of subsidiary corporations. In such event, the approval of the commissioner of insurance shall be obtained in the manner specified in Sections 83-19-103 to 83-19-107. 
 

Sources: Codes, 1942, § 5670.7-24; Laws,  1972, ch. 419, § 4, eff from and after passage (approved April 27, 1972).