(a) Notwithstanding anything to the contrary contained in any general or public law, rule, or regulation, any two (2) or more entities, whether defined in § 7-6-2, § 7-1.2-106, § 7-13-1, or § 7-16-2, may consolidate into one of the entities pursuant to a plan of consolidation approved in the manner provided in this chapter. This section does not apply to insurance holding company systems as defined in § 27-35-1.
(b) Each entity shall adopt a plan of consolidation setting forth:
(1) The names of the entities proposing to consolidate, and the name of the new entity into which they propose to consolidate, which is subsequently designated as the new entity;
(2) The terms and conditions of the proposed consolidation;
(3) Regarding the new entity, all of the statements required to be set forth in articles of incorporation for entities organized under this chapter; and
(4) Any other provisions regarding the proposed consolidation that are deemed necessary or desirable.