83-31-113 - Member votes on plan and amending or restating articles of association.
§ 83-31-113. Member votes on plan and amending or restating articles of association.
(1) A conversion plan is adopted on receiving the affirmative vote of at least two-thirds (2/3) of the votes cast in person or by proxy by eligible members at a duly convened meeting to consider the plan of conversion.
(2) Members entitled to vote on the proposed conversion plan may vote in person or by proxy. The number of votes each eligible member may cast shall be determined by the mutual insurance company's bylaws. If the bylaws are silent, each eligible member may cast one (1) vote.
(3) At the meeting held to vote on the conversion plan, the members shall also consider the adoption of amended or restated articles of association. Adoption of the amended or restated articles requires the affirmative vote of at least two-thirds (2/3) of the votes cast in person or by proxy by eligible members.
Sources: Laws, 1998, ch. 576, § 7, eff from and after July 1, 1998.