There is a newer version
of
this Section
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 500.6029 Receipt of fee, commission, or other consideration; payment of costs and expenses.
Universal Citation: MI Comp L § 500.6029 (2017)
500.6029 Receipt of fee, commission, or other consideration; payment of costs and expenses.
Popular Name: Act 218
Sec. 6029.
(1) A director, officer, agent, or employee of the mutual company or any other person shall not receive any fee, commission, or other valuable consideration, other than his or her usual salary and compensation, for aiding, promoting, or assisting in a reorganization under this chapter, except as provided for in the plan approved by the commissioner.
(2) All the costs and expenses connected with a plan of reorganization shall be paid for or reimbursed by the mutual company or the converted company.
History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000
Popular Name: Act 218
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
