2013 Mississippi Code
Title 83 - INSURANCE
Chapter 19 - DOMESTIC COMPANIES
MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES
§ 83-19-99 - Authorization

A domestic stock insurance company (referred to in Sections 83-19-99 through 83-19-123 as the "domestic company") may effect:

(a) A merger or consolidation with one or more domestic stock insurance companies, or with one or more foreign stock insurance companies, if such merger or consolidation is authorized by the laws of the state under which each such foreign company is organized; or

(b) An exchange of all the outstanding stock of its shareholders with a domestic stock corporation, or with a foreign stock corporation authorized to do business in this state, if such exchange is authorized by the laws of the state under which such foreign corporation is organized (such domestic or foreign corporation being referred to in Sections 83-19-99 through 83-19-123 as the "acquiring corporation"), which acquiring corporation pays or provides the following consideration: (1) shares of stock or other securities issued by such acquiring corporation; (2) cash; (3) other consideration; (4) any combination of such stock or other securities, cash or other consideration, by complying with the provisions of said sections.

Sections 83-19-99 through 83-19-123 shall be supplemental to the general laws of this state governing corporations but in the event there exists any conflict between the provisions of said sections and the provisions of the general laws governing corporations, the provisions of Sections 83-19-99 through 83-19-123 shall be controlling.