(a) The board of directors of each of the mutual insurers proposing to merge or consolidate shall, by resolution adopted by at least a majority of all the members of each board, approve a joint agreement of merger or consolidation, as the case may be, between the insurer parties, setting forth the terms and conditions of the merger or consolidation, the mode of carrying the same into effect and such other provisions as are deemed advisable.
(b) Upon approving such agreement, each such board shall by resolution direct that the same be submitted to the Commissioner and be subject to the Commissioner's disapproval as provided in § 4936 of this title and to approval of the members of the respective insurers as provided in § 4937 of this title.
Structure Delaware Code
Chapter 49. ORGANIZATION AND CORPORATE POWERS; PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS
§ 4902. “Stock,” “mutual” insurer, definitions.
§ 4903. General corporation statutes; applicability.
§ 4904. Insurance business exclusive.
§ 4905. Mutual insurers — Initial qualifications.
§ 4906. Mutual insurers — Permit; deposit.
§ 4907. Mutual insurers — Qualifying applications for insurance.
§ 4908. Mutual insurers — Trust deposit of qualifying premiums; issuance of policies.
§ 4909. Mutual insurers — Failure to qualify.
§ 4910. Mutual insurers — Additional kinds of insurance.
§ 4912. Bylaws of mutual insurer.
§ 4913. Minutes of corporate meetings of mutual insurers.
§ 4914. Contingent liability of mutual members.
§ 4915. Levy of contingent liability.
§ 4916. Enforcement of contingent liability.
§ 4917. Nonassessable policies, mutual insurers; revocation of authority.
§ 4918. Information to stockholders and proxy regulations.
§ 4919. Change of directors, officers; notice.
§ 4920. Prohibited pecuniary interest of officials.
§ 4921. Management and exclusive agency contracts.
§ 4922. Dividends to stockholders.
§ 4923. Participating policies.
§ 4924. Dividends to policyholders.
§ 4925. Solicitation of business; issuance of policies in other jurisdictions.
§ 4926. Payment of taxes; exoneration.
§ 4927. Impairment of capital or assets.
§ 4928. Mutualization of stock insurer.
§ 4929. Conversion to ordinary business corporation.
§ 4930. Merger, consolidation of stock insurers.
§ 4931. Affiliation of stock insurers.
§ 4932. Acquisition of controlling stock.
§ 4933. Converting mutual insurer.
§ 4934. Merger, consolidation — Allowable circumstances; “surviving insurer” defined.
§ 4936. Merger, consolidation of mutual insurers — Effectuation; disapproval by Commissioner.
§ 4937. Merger, consolidation of mutual insurers — Approval by members.
§ 4938. Merger, consolidation of mutual insurers — Impaired mutuals.
§ 4942. Merger, consolidation of mutual insurers — Effect of merger or consolidation.
§ 4943. Preservation of old charter in merger or consolidation.