58-5-129. Stock acquisition plan deemed merger--Approval required. Any plan by which a stock insurer proposes to acquire a substantial or controlling stock interest in another stock insurer through an exchange of stock is deemed to be a plan of merger which requires the approval of the director of the Division of Insurance in accordance with provisions of §§ 58-5-131 to 58-5-133, inclusive.
Source: SL 1966, ch 111, ch 16, § 38 (6).
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