2006 Code of Virginia § 38.2-1015 - Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment ...

38.2-1015. Determining value of stock outstanding; dismissal of petition orentry of decree requiring payment for and transfer of stock.

The court shall determine the per share fair cash value as of the date of thefiling of the petition of the stock remaining in the hands of the public. Ifthe court finds that on that basis, completion of mutualization may not beeffected without jeopardizing the solvency of the insurer or the security ofits policyholders, the petition shall be dismissed. Otherwise, the courtshall enter an appropriate decree to require (i) the payment into court bythe insurer of the aggregate amount due the remaining stockholders, with anyinterest and costs, which may include attorneys' fees that the court mayrequire, and (ii) the transfer and delivery to the insurer of all stockcertificates still outstanding in the hands of the public. Upon payment bythe insurer, the trustees under the plan of mutualization shall beconsidered, for all purposes of the plan of mutualization, to have acquiredall of its outstanding stock. The holders of the stock shall possess nofurther right with respect to the stock, except to receive its fair cashvalue as determined by the court. The court shall retain jurisdiction overthe distribution of the funds.

(1954, c. 20, 38.1-495.4; 1986, c. 562.)