Indiana § 27-15-5-7 Vote required for approval

Indiana Statutes

§ 27-15-5-7 — Vote required for approval

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

The proposed plan of conversion and amendment to the converting mutual's articles of incorporation shall be approved by the members upon receiving the affirmative votes of:

(1)at least two-thirds (2/3) of the members voting at the meeting; and

(2)if the plan provides for different classes, categories, or groups of eligible members to receive different forms of consideration, other than as permitted by IC 27-15-8-4(b)(2) or IC 27-15-12, at least two-thirds (2/3) of the members voting at the meeting who would receive each different form of consideration, voting as a class.

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The proposed plan of conversion and
amendment to the converting mutual's articles of incorporation shall be
approved by the members upon receiving the affirmative votes of:
(1) at least two-thirds (2/3) of the members voting at the meeting;
and
(2) if the plan provides for different classes, categories, or groups
of eligible members to receive different forms of consideration,
other than as permitted by IC 27-15-8-4(b)(2) or IC 27-15-12, at
least two-thirds (2/3) of the members voting at the meeting who
would receive each different form of consideration, voting as a
class.

Indiana § 27-15-5-7 (Vote required for approval) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.