Section 58-5-129 - Stock acquisition plan deemed merger--Approval required

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).