508B.6 - APPROVAL OF PLAN BY POLICYHOLDERS -- NOTICE OF ELECTION -- EFFECTIVE DATE.
508B.6 APPROVAL OF PLAN BY POLICYHOLDERS -- NOTICE OF ELECTION -- EFFECTIVE DATE. The plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual company voting on the plan. Notice of a meeting for the purpose of voting on the conversion plan shall be provided by mail to each policyholder entitled to vote in accordance with the articles of incorporation or bylaws of the mutual company. Each policyholder entitled to vote may cast one vote unless otherwise provided in the articles of incorporation or bylaws of the mutual company. Voting shall be by ballot, in person or by proxy. A quorum shall consist of a quorum as defined in the articles of incorporation or bylaws of the mutual company. A copy of the plan of conversion, or a summary of the plan of conversion, shall accompany the notice of meeting and election. The notice of meeting may contain the notice of any planned public hearing. An approved plan of conversion shall take effect on the date specified in the plan.
Section History: Recent Form 85 Acts, ch 127, §6; 99 Acts, ch 165, §3 Referred to in § 508B.2