NY Ins L § 7104 (2021)
2021 New York Laws ISC - Insurance Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers 7104 - Company Approval of Merger or Consolidation Agreement.

§  7104.  Company  approval  of merger or consolidation agreement. (a) When any domestic company shall propose to enter into  an  agreement  of merger  or  consolidation,  the  board  of  directors, trustees or other governing body shall, except as provided by section seven  thousand  one hundred  seven of this article, submit the question of such agreement to the shareholders or members as the case may be at a meeting thereof,  by causing  a copy of such proposed agreement or a summary thereof approved by the superintendent, together with notice, stating the time, place and purpose of such meeting, to be delivered personally, or deposited in the post office, postage prepaid at least thirty days, unless a shorter time not less than ten days, be approved by the superintendent, prior to  the time fixed for such meeting, addressed to each shareholder or member, as the  case  may be, at his address of record.  However, a domestic mutual company may give  notice  by  publication  in  a  newspaper  of  general circulation  in the county in which the company has its principal office and in either of the two largest cities  in  each  state  in  which  the company  shall  be  licensed  to  do business, provided, however, that a full, true and correct copy of such proposed  agreement,  or  a  summary thereof  approved  by  the  superintendent,  shall  be  included in such notice.  (b) At any such meeting, the  shareholders  or  members  may  vote  in person or by proxy, each shareholder to be entitled to one vote for each share  held  by  him and each member shall be entitled to such number of votes as may be provided for in the by-laws of the  company;  and  votes representing  two-thirds  of  all the shares in the case of purely stock companies, or votes representing two-thirds of all the shares,  if  any, and  votes  representing  two-thirds  of  all  the votes cast by members represented at the meeting in person or by proxy in the  case  of  other companies,  shall  be  necessary  for  the  adoption  of  such  proposed agreement.  (c) In effecting a merger of a reciprocal insurer with a stock company subscribers of reciprocals shall be deemed shareholders in proportion to their respective  interests  in  the  reciprocal  insurer's  surplus  to policyholders.  (d)  Notwithstanding  any  other  law,  in  circumstances  in  which a domestic mutual life insurance company is merging  with  a  wholly-owned subsidiary stock life insurance company as provided in subsection (b) of section  seven  thousand one hundred two of this article, in lieu of the provisions set forth in subsection (a) of this section, the directors or trustees of  such  domestic  mutual  life  insurance  company  and  such wholly-owned  subsidiary  stock life insurance company may authorize the officers of such companies to adopt a merger agreement between them by a majority vote of their respective boards at meetings held not less  than thirty  days  after  notice  of the proposed agreement has been given to such directors or trustees.