§ 27-15-5-5 — Members entitled to vote

Indiana § 27-15-5-5

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 15: DEMUTUALIZATION OF MUTUAL INSURANCE
• Ch. 5: Voting on the Plan by Members

Text

(a) Only members of the converting mutual as
of both:
(1) the date the converting mutual's board of directors adopted the
resolution proposing the plan of conversion and the amendment
to the articles of incorporation; and
(2) the record date for the members' meeting established by the
board of directors;
are entitled to vote on the proposed plan of conversion and the
amendment to the articles of incorporation of the converting mutual.
(b) Each member is entitled to cast only one (1) vote, irrespective
of the number or value of policies held, unless the converting mutual's
articles of incorporation provide otherwise.

Legislative History

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