California Insurance Code

§ 11539

INS § 11539 Effective Aug 19, 1996Div. 2 · Part 2 · Ch. 14 · Art. 1

Statute text

The meeting of members prescribed by subdivision (c) of Section 11536 shall be called by the board of directors, the chairperson of the board, or the president of the mutual company. Notice of the meeting shall be given to eligible members by mail at least 30 days prior to the date set for the meeting to members of the mutual company of record on the date the plan of conversion was adopted by the board of directors. Voting shall be by ballot, in person or by proxy. A quorum shall consist of 5 percent of the members of the mutual company entitled to vote at the meeting.

Legislative history

Amended by Stats. 1996, Ch. 406, Sec. 10. Effective August 19, 1996.