Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-04 - Division of Securities
Chapter 0780-04-02 - Securities Registration and Exemptions
Section 0780-04-02-.09 - SUCCESSOR CORPORATE ISSUERS
Universal Citation: TN Comp Rules and Regs 0780-04-02-.09
Current through September 24, 2024
(1) If an issuer is a corporate successor to a corporate issuer that met the standards of T.C.A. § 48-1-103(a)(8), at the time of succession, the successor corporate issuer shall be deemed to have met the standards of T.C.A. § 48-1-103(a)(8), if the predecessor and successor corporations taken together do so, provided that:
(a) The succession was primarily for
the purpose of changing the state of incorporation of the predecessor or
forming a holding company;
(b) The
assets and liabilities of the successor at the time of succession were
substantially the same as those of the predecessor; and
(c) The net income of the predecessor may, in
accordance with generally accepted accounting principles, be consolidated with
the income of the successor corporation.
Authority: T.C.A. §§ 48-1-103(a)(8), 48-1-115, and 48-1-116.
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