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2019 Indiana Code
Title 27. Insurance
Article 15. Demutualization of Mutual Insurance Companies
Chapter 5. Voting on the Plan by Members
27-15-5-5. Members entitled to vote
Universal Citation:
IN Code § 27-15-5-5 (2019)
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IC 27-15-5-5 Members entitled to vote
Sec. 5. (a) Only members of the converting mutual as of both:
(1) the date the converting mutual's board of directors adopted the resolution proposing the plan of conversion and the amendment to the articles of incorporation; and
(2) the record date for the members' meeting established by the board of directors;
are entitled to vote on the proposed plan of conversion and the amendment to the articles of incorporation of the converting mutual.
(b) Each member is entitled to cast only one (1) vote, irrespective of the number or value of policies held, unless the converting mutual's articles of incorporation provide otherwise.
As added by P.L.94-1999, SEC.3.
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