17:27-3 - Merger of domestic and foreign corporations
17:27-3.Ā Merger of domestic and foreign corporations
Any one or more insurance corporation or corporations organized under the laws of this State is or are hereby authorized to merge or consolidate in the manner hereinabove provided with a corporation or corporations organized under the laws of another State, or States, or territory or territories, of the United States, duly admitted to this State and authorized to transact therein the same kinds of insurance as transacted by such corporation, or corporations,Ā organized under the laws of this State, if such merger or consolidation isĀ authorized by the laws, or approved by the insurance supervising officials, ofĀ the State, or States, or territory, or territories, in which such foreignĀ corporation, or corporations, is, or are, incorporated. Such domesticĀ corporation or corporations shall comply with all of the requirements specifiedĀ in the two preceding sections as to the terms and conditions of the merger orĀ consolidation agreement and the steps to be taken and acts to be performed forĀ the adoption, execution and approval thereof. Such foreign corporation orĀ corporations shall comply with all of the requirements of the laws or theĀ requirements of the supervising insurance official of the State or States, orĀ territory or territories, under which it is, or they are, incorporatedĀ regulating the terms and conditions of such merger or consolidation agreementĀ and the steps to be taken and acts to be performed for the execution, adoption,Ā and approval thereof.Ā If the domicile of the corporation formed by or resulting from such merger or consolidation between a domestic corporation orĀ corporations, and a foreign corporation or corporations, shall by the agreementĀ be fixed or located in a State other than this State, such merger orĀ consolidation shall not take effect unless said agreement, shall contain aĀ provision appointing the Commissioner of Banking and Insurance of this State toĀ be the true and lawful attorney of such corporation in and for this State, uponĀ whom all lawful process in any action or proceeding against the corporationsĀ involved in such merger or consolidation may be served with the same force andĀ effect as if the corporation formed by such merger or consolidation was aĀ domestic corporation, but such appointment of the Commissioner of Banking and Insurance of this State as such attorney to receive process shall not be deemed, in anywise, to authorize the corporation formed by or resulting from such merger or consolidation to transact business within this State unless suchĀ corporation shall otherwise comply with the law of this State as respects itsĀ admission to transact business in this State.
Amended by L.1938, c. 259, p. 575, s. 3.
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Any one or more insurance corporation or corporations organized under the laws of this State is or are hereby authorized to merge or consolidate in the manner hereinabove provided with a corporation or corporations organized under the laws of another State, or States, or territory or territories, of the United States, duly admitted to this State and authorized to transact therein the same kinds of insurance as transacted by such corporation, or corporations,Ā organized under the laws of this State, if such merger or consolidation isĀ authorized by the laws, or approved by the insurance supervising officials, ofĀ the State, or States, or territory, or territories, in which such foreignĀ corporation, or corporations, is, or are, incorporated. Such domesticĀ corporation or corporations shall comply with all of the requirements specifiedĀ in the two preceding sections as to the terms and conditions of the merger orĀ consolidation agreement and the steps to be taken and acts to be performed forĀ the adoption, execution and approval thereof. Such foreign corporation orĀ corporations shall comply with all of the requirements of the laws or theĀ requirements of the supervising insurance official of the State or States, orĀ territory or territories, under which it is, or they are, incorporatedĀ regulating the terms and conditions of such merger or consolidation agreementĀ and the steps to be taken and acts to be performed for the execution, adoption,Ā and approval thereof.Ā If the domicile of the corporation formed by or resulting from such merger or consolidation between a domestic corporation orĀ corporations, and a foreign corporation or corporations, shall by the agreementĀ be fixed or located in a State other than this State, such merger orĀ consolidation shall not take effect unless said agreement, shall contain aĀ provision appointing the Commissioner of Banking and Insurance of this State toĀ be the true and lawful attorney of such corporation in and for this State, uponĀ whom all lawful process in any action or proceeding against the corporationsĀ involved in such merger or consolidation may be served with the same force andĀ effect as if the corporation formed by such merger or consolidation was aĀ domestic corporation, but such appointment of the Commissioner of Banking and Insurance of this State as such attorney to receive process shall not be deemed, in anywise, to authorize the corporation formed by or resulting from such merger or consolidation to transact business within this State unless suchĀ corporation shall otherwise comply with the law of this State as respects itsĀ admission to transact business in this State.
Amended by L.1938, c. 259, p. 575, s. 3.
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