California Insurance Code

§ 4097.02

INS § 4097.02 Effective Jan 1, 1999Div. 2 · Part 1 · Ch. 4 · Art. 10

Statute text

The plan of conversion shall include appropriate proceedings for amending the mutual company’s articles of incorporation to give effect to the conversion from a nonstock corporation into a stock corporation. The plan shall be:

(a)Approved by a resolution of two-thirds of the board of directors. The resolution shall specify the reasons for and the purposes of the proposed conversion of the mutual company and the manner in which the conversion is expected to benefit and serve the best interests of the policyholders, for a mutual insurer, or members, for a mutual holding company.

(b)Submitted to the commissioner for consent in writing, subject to the provisions of Section 4097.06, by an application executed by an authorized officer of the mutual company and accompanied by the following documents, or true and correct copies of the documents:

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Legislative history

Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.