§ 7-6-44 - Procedure for consolidation. - Rhode Island Statutes

SECTION 7-6-44

   § 7-6-44  Procedure for consolidation.– (a) Notwithstanding anything to the contrary contained in any general or publiclaw, rule, or regulation, any two (2) or more corporations, whether defined in§ 7-6-2 or § 7-1.2-106, may consolidate into one of the corporationspursuant to a plan of consolidation approved in the manner provided in thischapter. This section does not apply to insurance holding company systems asdefined in § 27-35-1.

   (b) Each corporation shall adopt a plan of consolidationsetting forth:

   (1) The names of the corporations proposing to consolidate,and the name of the new corporation into which they propose to consolidate,which is subsequently designated as the new corporation.

   (2) The terms and conditions of the proposed consolidation.

   (3) Regarding the new corporation, all of the statementsrequired to be set forth in articles of incorporation for corporationsorganized under this chapter.

   (4) Any other provisions regarding the proposed consolidationthat are deemed necessary or desirable.