2011 California Code
Insurance Code
DIVISION 2. CLASSES OF INSURANCE [1880 - 12865]
ARTICLE 11.5. Rehabilitation
Section 12629.33

After the completion of such hearing the court shall approve, modify or disapprove such plan. No such plan shall become operative unless and until it shall have been approved in its original form or, if modified, in its modified form, by such court and the commissioner, nor unless and until such plan shall have been consented to either in person or by a duly appointed agent, attorney or committee by the following persons:

(a) If the plan affects the stockholders of such insurer, then by the holders of a majority in amount of the outstanding stock of such insurer;

(b) If the plan affects mortgage participation trusts or the holders of mortgage participation certificates issued thereunder, then by the holders of two-thirds in interest of all mortgage participation certificates outstanding under each or all, as the court may determine, of the mortgage participation trusts which may be so affected;

(c) If such insurer shall have creditors, then by two-thirds of each class of creditors of such insurer; and

(d) By two-thirds in amount of each class of other known persons, if any, affected by the plan.

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