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2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-60 CHAPTER 60 Reorganization of Mutual Insurers (500.6001...500.6031)
Section 500.6005 Reorganization plan; adoption; amendment; withdrawal.
Universal Citation: MI Comp L § 500.6005 (2017)
500.6005 Reorganization plan; adoption; amendment; withdrawal.
Popular Name: Act 218
Sec. 6005.
(1) A mutual company seeking to reorganize to a mutual holding company structure shall adopt, by the affirmative vote of not less than 2/3 of its board of directors, a plan of reorganization under this chapter.
(2) At any time before approval of a plan of reorganization by eligible members, the mutual company, by the affirmative vote of not less than 2/3 of its board of directors, may amend or withdraw the plan.
History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000
Popular Name: Act 218
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