Merger, consolidation, or adoption of plan of exchange

(a) A stipulated premium plan insurer may merge or consolidate into another stipulated premium plan insurer or into a stock insurer authorized to transact insurance in this state, or it may adopt a plan of exchange of the outstanding stock of its stockholders in accordance with the procedures prescribed by §§ 23-69-142 - 23-69-148 . (b) A mutual assessment insurer may merge into a stipulated premium plan insurer under § 23-72-119 . Acts 1959, No. 148, § 553; 1985, No. 804, § 12; A.S.A. 1947, § 66-4414. (a) A stipulated premium plan insurer may merge or consolidate into another stipulated premium plan insurer or into a stock insurer authorized to transact insurance in this state, or it may adopt a plan of exchange of the outstanding stock of its stockholders in accordance with the procedures prescribed by §§ 23-69-142 - 23-69-148 . (b) A mutual assessment insurer may merge into a stipulated premium plan insurer under § 23-72-119 . Acts 1959, No. 148, § 553; 1985, No. 804, § 12; A.S.A. 1947, § 66-4414.