56-10-108 - Merger of subsidiary company. - Tennessee Statutes

56-10-108. Merger of subsidiary company.

If the domestic company owns at least ninety percent (90%) of the outstanding shares of another domestic or foreign stock insurance company, it may merge the other company into itself without approval by a vote of the shareholders of either company in accordance with § 48-518 [repealed]. In the event, the approval of the commissioner shall be obtained in the manner specified in § 56-10-104.

[Acts 1968, ch. 448, § 4; impl. am. Acts 1971, ch. 137, § 2; T.C.A., § 56-3608.]