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

Indiana § 27-15-5-7

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

Text

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.

Legislative History

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