§ 10-3-1705 — Amending plan of division

(1) A dividing insurer may amend the
dividing insurer's plan of division in accordance with any procedures set forth in the
plan of division or, if procedures are not set forth in the plan of division, in a manner
determined by the board of directors of the dividing insurer. A shareholder that is
entitled to vote on or consent to approval of the plan of division is entitled to vote
on or consent to an amendment of the plan of division that will affect:

(a) The amount or kind of shares, securities, obligations, rights to acquire
shares or securities, cash, property, or any combination thereof to be received by
any of the shareholders of the dividing insurer under the plan of division;

(b) The articles of incorporation or bylaws of any resulting insurer that
become effective when the division becomes effective, except for changes that do
not require approval of the shareholders of the resulting insurer under its articles of
incorporation or bylaws; or

(c) Any other terms or conditions of the plan of division that effect a change
that may adversely affect the shareholders in any material respect.

Legislative History

Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 845, � 1, effective September 7.