securities.
1.Injunctions. Wheneveritappearstothecommissionerthatanyinsureroranydirector,
officer, employee, or agent thereof has committed or is about to commit a violation of this
chapter or any rule, regulation, or order issued by the commissioner under this chapter, the
commissioner may apply to the district court of the county in which the principal office of the
insurer is located or if such insurer has no such office in this state then to the district court of
Polk county for an order enjoining such insurer or such director, officer, employee, or agent
thereof from violating or continuing to violate this chapter or any such rule, regulation, or
order, and for such other equitable relief as the nature of the case and the interests of the
insurer’s policyholders, creditors, and share
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securities.
1. Injunctions. Wheneveritappearstothecommissionerthatanyinsureroranydirector,
officer, employee, or agent thereof has committed or is about to commit a violation of this
chapter or any rule, regulation, or order issued by the commissioner under this chapter, the
commissioner may apply to the district court of the county in which the principal office of the
insurer is located or if such insurer has no such office in this state then to the district court of
Polk county for an order enjoining such insurer or such director, officer, employee, or agent
thereof from violating or continuing to violate this chapter or any such rule, regulation, or
order, and for such other equitable relief as the nature of the case and the interests of the
insurer’s policyholders, creditors, and shareholders or the public may require.
2. Voting of securities — when prohibited. No security which is the subject of any
agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in
contravention of the provisions of this chapter or of any rule, regulation, or order issued by
the commissioner under this chapter may be voted at any shareholders’ meeting, or may
be counted for quorum purposes, and any action of shareholders requiring the affirmative
vote of a percentage of shares may be taken as though such securities were not issued and
outstanding; but no action taken at any such meeting shall be invalidated by the voting of
such securities, unless the action would materially affect control of the insurer or unless
the district court has so ordered. If any insurer or the commissioner has reason to believe
that any security of the insurer has been or is about to be acquired in contravention of the
provisions of this chapter or of any rule, regulation, or order issued by the commissioner
under this chapter the insurer or the commissioner may apply to the district court of Polk
county or to the district court for the county in which the insurer has its principal place
of business to enjoin any offer, request, invitation, agreement, or acquisition made in
contravention of section 521A.3 or any rule, regulation, or order issued by the commissioner
under section 521A.3 to enjoin the voting of any security so acquired, to void any vote of
such security already cast at any meeting of shareholders, and for such other equitable
relief as the nature of the case and the interests of the insurer’s policyholders, creditors, and
shareholders or the public may require.
3. Sequestration of voting securities. In any case where a person has acquired or is
proposing to acquire any voting securities in violation of this chapter or any rule, regulation,
or order issued by the commissioner under this chapter, the district court of Polk county
or the district court for the county in which the insurer has its principal place of business
may, on such notice as the court deems appropriate, upon the application of the insurer or
the commissioner seize or sequester any voting securities of the insurer owned directly or
indirectly by such person, and issue such orders with respect thereto as may be appropriate
to effectuate the provisions of this chapter. Notwithstanding any other provisions of law, for
the purposes of this chapter the situs of the ownership of the securities of domestic insurers
shall be deemed to be in this state.