83-31-141 - Requirements for acquiring control; converted company rights, privileges and compliance.
§ 83-31-141. Requirements for acquiring control; converted company rights, privileges and compliance.
(1) A mutual insurance company may not be permitted to convert under Sections 83-31-101 through 83-31-143 if, as a direct result of the conversion, any person or any affiliate acquires control of the converted stock company, unless that person or the affiliate complies with the requirements of Section 83-6-1 et seq.
(2) Except as otherwise specified in Sections 83-31-47 or 83-31-101 through 83-31-181, a converted stock company has all of the rights and privileges and is subject to all of the requirements and regulations imposed on stock companies formed under the laws of this state but may not exercise rights or privileges that other stock companies may not exercise.
Sources: Laws, 1998, ch. 576, § 20, eff from and after July 1, 1998.