3907.10 [Repealed Effective 9/4/2014] Petition for consolidation.

When any domestic mutual company referred to in section 3907.09 of the Revised Code proposes to merge or consolidate with any other company, it shall present its petition to the superintendent of insurance, setting forth the terms of the proposed merger or consolidation, which shall have been adopted in the manner specifically provided by its articles of incorporation or its code of regulations, and praying for its approval. The superintendent thereupon shall issue an order of notice requiring that notice of the pendency of such petition and the time and place at which it will be heard be given to the policy holders, of the company filing the petition, by publication at least once a week for four weeks in a newspaper published and of largest circulation in the counties of Cuyahoga, Franklin, Hamilton, and Lucas, in the county in this state in which such company has its principal office, and in the newspaper of the largest circulation published in the state capital of each state of the United States in which the company maintains an office or agency for the solicitation of insurance. When any domestic stock company referred to in section 3907.09 of the Revised Code proposes to merge or consolidate with any other company, it shall present its petition to the superintendent of insurance, setting forth the terms of the proposed merger or consolidation and praying for its approval. The superintendent thereupon shall issue an order of notice requiring that notice of the pendency of such petition and the time and place at which it will be heard be given to the shareholders, of the company filing the petition, by such means and at such times as are required for the giving of the notice of a meeting of shareholders under section 1701.41 of the Revised Code.

In the event any domestic stock company, having previously voted by action of its directors, shareholders, and policyholders to convert to a mutual company pursuant to Chapter 3913. of the Revised Code and having not yet retired all of the shares outstanding, proposes to merge or consolidate with another company and has filed its petition therefor with the superintendent pursuant to this section, the superintendent shall order notice of the pendency of such petition to be given to shareholders by mail as provided in this section and to policyholders by publication as provided in this section.

Cite as R.C. § 3907.10

History. Repealed by 130th General Assembly File No. TBD, SB 140, §2, eff. 9/4/2014.

Effective Date: 10-30-1969