7113 - Transfer of deposits to surviving or consolidated company. - New York Statutes

§ 7113. Transfer of deposits to surviving or consolidated company. If any constituent company in a merger or consolidation under the provisions of this article shall have on deposit with the superintendent securities held for the benefit and protection of all of its policyholders or policyholders and creditors within the United States, the superintendent is authorized, upon the completion of such merger or consolidation, to transfer residuary interest in such deposit of such constituent company to the surviving or consolidated company, and to release such deposit or any part thereof if no longer required of such surviving or consolidated company under the provisions of this chapter.