Colorado § 10-3-1703 Plan of division - dividing insurer to survive division

Colorado Statutes

§ 10-3-1703 — Plan of division - dividing insurer to survive division

Colorado·Title 10 Insurance·Art. Regulation of Insurance Companies

(1)If a dividing insurer will survive a division, the plan of division must include, in addition to the requirements described in section 10-3-1702:

(a)All proposed amendments to the dividing insurer's articles of incorporation and bylaws;

(b)If the dividing insurer intends to cancel some but not all shares in the dividing insurer, the manner in which the dividing insurer intends to cancel the shares; and

(c)If the dividing insurer intends to convert some but not all shares in the dividing insurer into shares, securities, obligations, rights to acquire shares or securities, cash, property, or any combination thereof, a statement disclosing the manner in which the dividing insurer intends to convert the shares.

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(1) If a
dividing insurer will survive a division, the plan of division must include, in addition
to the requirements described in section 10-3-1702:

(a) All proposed amendments to the dividing insurer's articles of
incorporation and bylaws;

(b) If the dividing insurer intends to cancel some but not all shares in the
dividing insurer, the manner in which the dividing insurer intends to cancel the
shares; and

(c) If the dividing insurer intends to convert some but not all shares in the
dividing insurer into shares, securities, obligations, rights to acquire shares or
securities, cash, property, or any combination thereof, a statement disclosing the
manner in which the dividing insurer intends to convert the shares.

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