Section 23-69-147 - Acquiring and acquired corporations under plan of exchange to be separate

The domestic stock insurance company acquired under a plan of exchange and the acquiring person are, in all respects, separate and distinct entities with neither entity having any liability to the creditors or policyholders, if any, or shareholders of the other, for any acts or omissions of the officers, directors, shareholders, or representatives of either or both entities.Acts 1971, No. 301, § 6; 1979, No. 942, § 13; A.S.A. 1947, § 66-4248.2.