Iowa § 508B.6 Approval of plan by policyholders — notice of election — effective date

Iowa Statutes

§ 508B.6 — Approval of plan by policyholders — notice of election — effective date

Iowa § 508B.6

Title XIIICOMMERCE

Ch. 508BCONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY

This text of Iowa § 508B.6 (Approval of plan by policyholders — notice of election — effective date) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 508B.6 (2026).

Text

The plan of conversion shall be submitted to and shall not take effect until approved
by two-thirds of the policyholders of the mutual company voting on the plan. Notice of a
meeting for the purpose of voting on the conversion plan shall be provided by mail to each
policyholder entitled to vote in accordance with the articles of incorporation or bylaws of
the mutual company. Each policyholder entitled to vote may cast one vote unless otherwise
provided in the articles of incorporation or bylaws of the mutual company. Voting shall be by
ballot, in person or by proxy. A quorum shall consist of a quorum as defined in the articles
of incorporation or bylaws of the mutual company. A copy of the plan of conversion, or a
summary of the plan of conversion, shall accompany the notice of meeting and

Free access — add to your briefcase to read the full text and ask questions with AI

The plan of conversion shall be submitted to and shall not take effect until approved
by two-thirds of the policyholders of the mutual company voting on the plan. Notice of a
meeting for the purpose of voting on the conversion plan shall be provided by mail to each
policyholder entitled to vote in accordance with the articles of incorporation or bylaws of
the mutual company. Each policyholder entitled to vote may cast one vote unless otherwise
provided in the articles of incorporation or bylaws of the mutual company. Voting shall be by
ballot, in person or by proxy. A quorum shall consist of a quorum as defined in the articles
of incorporation or bylaws of the mutual company. A copy of the plan of conversion, or a
summary of the plan of conversion, shall accompany the notice of meeting and election. The
notice of meeting may contain the notice of any planned public hearing. An approved plan
of conversion shall take effect on the date specified in the plan.