No licensee shall merge with any other corporation unless:
(a) In case such licensee is the surviving corporation, such merger shall have first been approved by the commissioner;
(b) In case such licensee is a disappearing corporation, the surviving corporation is a licensee and such merger shall have first been approved by the commissioner.
(Amended by Stats. 1996, Ch. 1064, Sec. 673. Effective January 1, 1997. Operative July 1, 1997.)