§ 4887 Merger Approval And Effectiveness

• •A merger (when two companies become one) needs approval from a boss called the commissioner.
• •The commissioner checks if all the rules for the merger are followed before saying yes.
• •After the commissioner says yes, the merger papers must be filed with the Secretary of State.
• •The merger is official only after the surviving company gives a copy of the approved papers to the commissioner.

Bank A and Bank B want to become one big bank.

They ask the commissioner for permission. If the commissioner says yes and all the rules are followed, they file the papers with the Secretary of State. The merger is official only after the new big bank gives a copy of these papers back to the commissioner.