South Dakota Statutes
§ 58-5-138 — Conversion of mutual to stock insurer restricted.
No domestic mutual insurer in this state may reorganize or convert into a corporation with capital stock unless the reorganization or conversion plan provides each member of the mutual insurer with cash or other valuable consideration for the fair value of the member's equity in the company as determined under a formula approved by the director of the Division of Insurance and the secretary of labor and regulation.
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South Dakota § 58-5-138 (Conversion of mutual to stock insurer restricted.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1966, ch 111, ch 16, § 4; SL 1984, ch 325, § 1; SL 2018, ch 278, § 1.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.