379.985. Member's interest--nontransference of membership--immunity from liability--assessments, not imposed--security, membership interest.
Member's interest--nontransference of membership--immunity fromliability--assessments, not imposed--security, membership interest.
379.985. 1. The membership interests of the policyholders of areorganized insurance company shall become membership interests in themutual holding company. Policyholders of the reorganized insurance companyshall be members of the mutual holding company in accordance with thearticles of incorporation and bylaws of the mutual holding company and theapplicable provisions of this chapter relating to mutual insurancecompanies.
2. No member of a mutual holding company may transfer membership orany right arising therefrom.
3. A member of a mutual holding company is not, as such, personallyliable for the acts, debts, liabilities or obligations of the company.
4. No assessments of any kind may be imposed upon the members of amutual holding company by the directors, or members, or because of anyliability of any company owned or controlled by the mutual holding company,or because of any act, debt or liability of the mutual holding companyitself.
5. A membership interest in a domestic mutual holding company shallnot constitute a security under the laws of this state.
(L. 1996 S.B. 759)