D.C. Code § 31-4445 – Procedure for consolidating domestic companies. | Midpage

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Code of the District of Columbia

§ 31-4445

D.C. Code § 31-4445

Procedure for consolidating domestic companies.

Effective Mar 14, 1985June 19, 1934, ch. 672, ch. III, § 44; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39

(a) Two or more domestic life companies may consolidate into a new company.
(b) To consolidate, the board of directors of each consolidating company, by resolution adopted by majority vote of the members of the boards, shall approve a plan of consolidation listing the following:
1. (1) The names of the companies proposing to consolidate.
2. (2) The name of the new company into which they propose to consolidate.
3. (3) The terms and conditions of the proposed consolidation.
4. (4) The manner and the basis of converting the shares or memberships of each company into:
  1. (A) Shares, memberships, or other securities of the new company.
  2. (B) Shares or other securities of another company.
  3. (C) Cash or property.
5. (5) The articles of incorporation for domestic companies organized under this chapter.
6. (6) Other provisions with respect to the proposed consolidation as are deemed necessary or desirable.

History

June 19, 1934, ch. 672, ch. III, § 44

as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39

Prior Codifications

1981 Ed., § 35-642.