38.2-1018 - Plan of merger to be approved by Commission. - Virginia Statutes

§ 38.2-1018. Plan of merger to be approved by Commission.

Before any joint agreement for the merger of domestic insurers is submittedto the stockholders or members, it shall first be submitted to and approvedby the Commission. The Commission shall not approve the agreement unless,after a hearing, it finds that the plan of merger is fair, equitable,consistent with law, and that no reasonable objection to the plan exists. Ifthe Commission fails to approve the plan it shall state the reasons in itsorder.

(1952, c. 317, § 38.1-81; 1956, c. 431; 1986, c. 562.)