Virginia Code 38.2-1018: Plan of merger to be approved by Commission
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Before any joint agreement for the merger of domestic insurers is submitted to the stockholders or members, it shall first be submitted to and approved by the Commission. The Commission shall not approve the agreement unless, after a hearing, it finds that the plan of merger is fair, equitable, consistent with law, and that no reasonable objection to the plan exists. If the Commission fails to approve the plan it shall state the reasons in its order.
Terms Used In Virginia Code 38.2-1018
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
1952, c. 317, § 38.1-81; 1956, c. 431; 1986, c. 562.