The domestic stock insurance company acquired under a plan of exchange and the acquiring person are, in all respects, separate and distinct entities with neither entity having any liability to the creditors or policyholders, if any, or shareholders of the other, for any acts or omissions of the officers, directors, shareholders, or representatives of either or both entities.
Ark. Code Ann. § 23-69-147
Acquiring and acquired corporations under a plan of exchange to be separate
Acts 1971, No. 301, § 6; 1979, No. 942, § 13; A.S.A. 1947, § 66-4248.2.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.