A. No health care services organization may merge with another foreign or domestic health care services organization or may be acquired by a person except on approval by the director and by complying with the provisions of general law governing the merger or consolidation of stock corporations and the other provisions of this section.

B. If the health care services organization is being acquired and if more than twenty-five per cent of the stock or ownership or control is being acquired, the acquiring person shall file the statement described by Section 20-481.03 with the director at least thirty days before the effective date of the acquisition.

C. In the case of a merger the plan of merger shall be filed with the director at least sixty days before the effective date of the merger.

D. The director shall approve the acquisition or merger if the acquiring or merging persons have met the requirements for a certificate of authority. The director shall make the decision either to approve or disapprove the acquisition or merger within thirty days of the filing of the acquisition statement pursuant to subsection B of this section or the plan of merger pursuant to subsection C of this section.

E. Unless preempted under federal law or unless federal law imposes greater requirements than this section, this section applies to a provider sponsored health care services organization.