Section 500.8232 - Reorganization; plan; adoption requirements.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.8232 Reorganization; plan; adoption requirements.
Sec. 8232.
No such transformation shall take place until after its plan has been approved by the commissioner, either with or without a hearing as herein provided, and until such approved plan has been adopted by a majority vote of the board of directors or board of trustees of such society; and, if submitted to the supreme governing body, until such approved plan has also been adopted by a majority vote of the said supreme governing body present and voting.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218