Section 354.520

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 354

Effective - 28 Aug 1983   

  354.520.  Mergers, consolidations, control of organization, requirements. — No person may take a tender for, or a request or invitation for tenders of, or enter into an agreement to exchange securities for, or acquire in the open market or otherwise, any voting security of a health maintenance organization, nor enter into any other agreement which if, after the consummation thereof, that person would, directly or indirectly, or by conversion or by exercise of any right to acquire, be in control of the health maintenance organization.  No person may enter into an agreement to merge or consolidate with, or to otherwise acquire control of a health maintenance organization, unless, at the time any offer, request, or invitation is made, or any agreement is entered into, or prior to the acquisition of the securities if no offer or agreement is involved, the person has filed with the director, and has sent to the health maintenance organization, information required by chapter 382, and the offer, request, invitation, agreement, or acquisition has been approved by the director.  Such approval by the director shall be governed by the provisions of chapter 382.

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(L. 1983 H.B. 127)