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2022 Nevada Revised Statutes
Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers
NRS 693A.465 - Abandonment of plan of conversion.
Universal Citation: NV Rev Stat § 693A.465 (2022)
A converting mutual may, by not less than a two-thirds vote of the members of its board of directors and with the approval of the Commissioner, abandon the plan of conversion at any time before the issuance of the certificate of authority by the Commissioner pursuant to NRS 693A.470. Upon abandonment, all rights and obligations arising out of the plan of conversion terminate and the converting mutual shall continue to conduct its business as a domestic mutual insurer or a mutual insurance holding company as though no plan of conversion had ever been adopted.
(Added to NRS by 2001, 2236)
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