§ 8005 — Amendment or withdrawal of plan

New York § 8005

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 80: Mutual Holding Company

Text

§ 8005. Amendment or withdrawal of plan. At any time before the plan\nof reorganization becomes effective as provided in section eight\nthousand nine of this article, the reorganizing insurer may, by\nresolution of a three-fourths majority of its entire board of directors,\namend the plan of reorganization or withdraw the plan of reorganization.\nIn the case of a plan amendment, all references in this article to the\nplan of reorganization shall be deemed to refer to the plan as amended,\nbut no amendment shall be deemed to change the adoption date of the plan\nof reorganization. A further public hearing is not necessary unless the\nsuperintendent determines that amendments submitted after the original\nhearing required under section eight thousand seven of this article will\nsubstantially alter the plan. In the event that the superintendent\ndetermines that the amendment substantially alters the plan, the plan as\namended must be submitted for reconsideration by the policyholders\nentitled to vote on the plan as provided in section eight thousand eight\nof this article.\n