§ 27-15-12-1 — Delay of distribution

All or part of the consideration to be
distributed to some or all of the eligible members may be delayed by
more than six (6) months following the effective date of the plan of
conversion if:
(1) the plan of conversion includes a provision for the
establishment of a trust for that purpose; and
(2) one (1) or more of the following claims have been asserted
against a converting mutual and remain unresolved at the
effective date of the plan of conversion:
(A) A claim seeking the imposition of a constructive or
charitable trust on assets of the converting mutual for the
benefit of policyholders, members, or other identified or
unidentified persons.
(B) A claim seeking distribution or return of assets, or other
form of compensation, from the converting mutual to
policyholders, members, or other identified or unidentified
persons.
(C) A claim that arises out of or relates to the ownership
interest of members of the converting mutual, or to the value of
their ownership interests, including any claim that challenges
a statutory transaction engaged in by the converting mutual
before the effective date of the plan of conversion.

Legislative History

As added by P.L.94-1999, SEC.3.