2011 California Code
Insurance Code
DIVISION 2. CLASSES OF INSURANCE [1880 - 12865]
ARTICLE 11.5. Rehabilitation
Section 12629.23

Without limiting the generality of section 12629.22, a plan may provide for any one or more of the following:

(a) For the delivery of all or any part of the business, properties, or assets of such insurer to the commissioner and the return thereof to such insurer after the plan is fully consummated;

(b) For the transfer of all or any part of the business, properties, or assets of such insurer to another corporation or to two or more other corporations, which corporation or corporations, or any of them, may, but need not be, a mortgage insurer or a national mortgage association;

(c) For the modification, revision or termination of any mortgage participation trusts which have been created by such insurer;

(d) For the issuance of new mortgage participation certificates or amended mortgage participation certificates or stock, bonds, debentures or other securities of such insurer or of any other corporation or corporations, to which the business, properties or assets, or any part thereof, of such insurer have been transferred, and for the exchange thereof to the holders of mortgage participation certificates issued by such insurer or to other creditors of such insurer for the outstanding mortgage participation certificates or other obligations of such insurer or for the sale or other disposition of such new certificates, stock, bonds, debentures or other securities.

(Added by Stats. 1937, Ch. 926.)