There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 24. Domestic Stock and Mutual Insurers
304.24.625 Sale or issuance of stock or other security after conversion.
Download pdfneither 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 commissioner, upon a finding that the stock transaction:
(a) Will not frustrate the plan of conversion as approved by the members and the commissioner; 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 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1361, effective July 15, 2010. -- Created 2000 Ky. Acts ch. 42, sec. 14, effective July 14, 2000.
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