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Section 7-6-44 Procedure for consolidation.

RI Gen L § 7-6-44 (2019) (N/A)
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§ 7-6-44. Procedure for consolidation. (a) Notwithstanding anything to the contrary contained in any general or public law, 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 corporations pursuant to a plan of consolidation approved in the manner provided in this chapter. This section does not apply to insurance holding company systems as defined in § 27-35-1.

(b) Each corporation shall adopt a plan of consolidation setting 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 statements required to be set forth in articles of incorporation for corporations organized under this chapter; and

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

History of Section. (P.L. 1984, ch. 380, § 1; P.L. 1984, ch. 444, § 1; P.L. 2005, ch. 36, § 4; P.L. 2005, ch. 72, § 4.)

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