Current through P.A. Acts 2023-66
Section 331 - Merger authorized(a)General rule.--Except as provided in section 318 (relating to excluded entities and transactions) or this section, by complying with this chapter: (1) One or more domestic entities may merge with one or more domestic entities or foreign associations into a surviving association.(2) Two or more foreign associations may merge into a surviving association that is a domestic entity.(3) A domestic banking institution may be a merging association or surviving association in a merger with one or more domestic or foreign associations if the surviving association or at least one of the merging associations is a domestic entity.(b) Foreign law authorization required.--By complying with the applicable provisions of this subchapter, a foreign association may be a party to a merger under this subchapter or may be the surviving association in such a merger if the merger is authorized by the law of the jurisdiction of formation of the foreign association.(c)Banking institutions.--Subsection (a)(3) controls over any inconsistent provision of the organic law of a domestic banking institution that is a merging association.(d)Exception.--A health maintenance organization may be a merging association only if the surviving association is a health maintenance organization.(e)Cross reference.--See section 314 (relating to regulatory conditions and required notices and approvals).Added by P.L. 2639 2014 No. 172, § 9, eff. 7/1/2015.