New Jersey Statutes 17:48E-5. Merger procedure
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Terms Used In New Jersey Statutes 17:48E-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Upon the merger of a medical service corporation into a hospital service corporation, the surviving corporation shall qualify as a health service corporation, and the surviving corporation need not obtain a new charter or certificate of authority to act as a health service corporation, provided that:
a. The board of directors of the surviving corporation is constituted pursuant to the provisions of section 6 of this act; and
b. The certificate of incorporation of the hospital service corporation is amended, within 30 days of the merger, in accordance with the provisions of this act; and
c. The bylaws of the hospital service corporation are amended, within 30 days of the merger, in accordance with the provisions of this act; and
d. Evidence of compliance with subsections a., b., and c. of this section is filed with the Commissioner of Insurance.
L. 1985, c. 236, s. 5, eff. July 15, 1985.