California Insurance Code

§ 4097.07

INS § 4097.07 Effective Jan 1, 1999Div. 2 · Part 1 · Ch. 4 · Art. 10

Statute text

The meeting of members prescribed by subdivision (c) of Section 4097.02 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 45 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. In the event that a plan of reorganization provides for the establishment of a mutual holding company under Section 4097.05, the notice shall be accompanied by an information statement describing the proposed reorganization. The information statement shall include, at a minimum, the following items:

(a)A full copy and a summary of the plan of reorganization.

(b)A discussion addressing the reasons and purposes of the proposed restructuring, which shall include a comparison to a demutualization.

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Legislative history

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