This text of North Dakota § 26.1-12.1-09 (Approval by eligible members) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
The plan of reorganization must be adopted upon receiving the affirmative vote of a majority
of the votes cast by eligible members. Eligible members may vote in person or by proxy. The
form of any proxy along with a copy or summary of the plan which accompanied the notice to
eligible members must be filed with and approved by the commissioner. The number of votes
each eligible member may cast must be determined by the reorganizing domestic mutual
insurance company's bylaws. If the bylaws are silent, each eligible member may cast one vote.
The plan must be approved as follows:
1.In the case of formation of a mutual insurance holding company under section
26.1-12.1-02, the reorganization plan must be approved by the affirmative vote of a
majority of the votes cast by no less than ten percen
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The plan of reorganization must be adopted upon receiving the affirmative vote of a majority
of the votes cast by eligible members. Eligible members may vote in person or by proxy. The
form of any proxy along with a copy or summary of the plan which accompanied the notice to
eligible members must be filed with and approved by the commissioner. The number of votes
each eligible member may cast must be determined by the reorganizing domestic mutual
insurance company's bylaws. If the bylaws are silent, each eligible member may cast one vote.
The plan must be approved as follows:
1. In the case of formation of a mutual insurance holding company under section
26.1-12.1-02, the reorganization plan must be approved by the affirmative vote of a
majority of the votes cast by no less than ten percent of the eligible members of the
reorganizing domestic mutual insurance company; and
2. In the case of a merger under section 26.1-12.1-03, the reorganization plan must be
approved by an affirmative vote of a majority of the votes cast by no less than ten
percent of the eligible members of the reorganizing domestic mutual insurance
company and by an affirmative vote of a majority of the votes cast by no less than ten
percent of the eligible members of the mutual insurance holding company into which
the policyholders' membership interests are to be merged, provided that the vote of the
eligible members of the mutual insurance holding company may not be required if the
commissioner determines that the merger would not be material to the financial
condition of the mutual insurance holding company.