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UTAH STATUTES AND CODES
31A-5-501 - Merger of subsidiary corporation.
31A-5-501. Merger of subsidiary corporation.
The merger of subsidiary insurance corporations is subject to the provisions of Chapter16. In addition, the merger procedures outlined under Title 16, Chapter 10a, Utah RevisedBusiness Corporation Act, apply to the mergers of subsidiary insurance corporations. For thepurposes of this section, if the surviving corporation owns at least 80% of the outstanding sharesof each class of the corporation to be merged into the surviving corporation, the procedures ofSection 16-10a-1104, including no requirement of shareholder approval, may be used.
The merger of subsidiary insurance corporations is subject to the provisions of Chapter16. In addition, the merger procedures outlined under Title 16, Chapter 10a, Utah RevisedBusiness Corporation Act, apply to the mergers of subsidiary insurance corporations. For thepurposes of this section, if the surviving corporation owns at least 80% of the outstanding sharesof each class of the corporation to be merged into the surviving corporation, the procedures ofSection 16-10a-1104, including no requirement of shareholder approval, may be used.
Amended by Chapter 277, 1992 General Session
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