2006 Kentucky Revised Statutes - .625   Sale or issuance of stock or other security after conversion.

304.24-625 Sale or issuance of stock or other security after conversion. During the one (1) year period following the effective date of the plan of conversion, neither the former mutual nor any affiliate company shall sell or issue, or adopt any plan or benefit program providing for the sale or issuance of, any stock or other equity security except: (1)  As disclosed in the approved plan of conversion; or (2)  As otherwise approved by the executive director, upon a finding that the stock transaction: (a)  Will not frustrate the plan of conversion as approved by the members and the executive director; and (b)  Is not adverse to the best interests of the policyholders of the former mutual, without regard to any interests of policyholders as shareholders of the former mutual or any affiliate company. Effective: July 14, 2000 History:Created 2000 Ky. Acts ch. 42, sec. 14, effective July 14, 2000. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section. Page 1 of 1