Until all shares are acquired, the acquired shares shall be held in trust for the policyholders of the insurer as provided in this article and shall be assigned and transferred on the books of the insurer to not less than three nor more than five trustees and shall be held by them in trust. Shares transferred to the trustees shall be voted by them at all corporate meetings at which stockholders have the right to vote until all of the capital stock of the insurer is acquired. The trustees shall be appointed and vacancies in the office of trustee shall be filled as provided in the plan adopted under § 38.2-1006. The trustees shall file with the insurer and with the Commission a verified acceptance of their appointment and a declaration that they will faithfully discharge their duties as such trustees.
Code 1950, § 38-425; 1952, c. 317, § 38.1-494; 1986, c. 562.
Structure Code of Virginia
Chapter 10 - Organization, Admission and Licensing of Insurers
§ 38.2-1000. Incorporation of domestic stock insurers
§ 38.2-1001. Incorporation of domestic mutual insurers
§ 38.2-1002. Additional requirements of articles of incorporation; name
§ 38.2-1003. When corporate status attained; bylaws filed with Commission
§ 38.2-1005.1. Conversion of a domestic mutual insurer to a domestic stock insurer
§ 38.2-1005.1:2. Formation of mutual holding company and conversion of mutual company
§ 38.2-1005.1:3. Mutual holding company membership interest
§ 38.2-1005.1:4. Contents of plan of MHC conversion
§ 38.2-1005.1:5. Adoption and approval of plan of MHC conversion
§ 38.2-1005.1:6. Corporate existence
§ 38.2-1005.1:7. Regulation and authority of a mutual holding company
§ 38.2-1005.1:8. Diversion of business to affiliates
§ 38.2-1005.1:9. Conversion of mutual holding company
§ 38.2-1005.1:10. Conflicts of interest
§ 38.2-1005.1:11. Costs and expenses
§ 38.2-1005.1:12. Failure to give notice
§ 38.2-1005.1:13. Limitation on actions
§ 38.2-1006. Conversion of a domestic stock insurer to a mutual insurer
§ 38.2-1007. Notice to policyholders of meeting to approve conversion
§ 38.2-1008. Conduct of and voting at meeting
§ 38.2-1009. Payment for shares pursuant to conversion plan
§ 38.2-1010. How acquired shares held
§ 38.2-1011. Disposition of dividends after payments provided in conversion plan
§ 38.2-1012. Jurisdiction to compel completion of mutualization
§ 38.2-1013. Venue of proceedings
§ 38.2-1014. Parties and process
§ 38.2-1016.1. Conversion of a health maintenance organization to an accident and sickness insurer
§ 38.2-1017. Applicability of Title 13.1
§ 38.2-1018. Plan of merger to be approved by Commission
§ 38.2-1019. Change of status from foreign to domestic insurer
§ 38.2-1020. Transfer of domicile from Virginia to another state
§ 38.2-1021. Change of domicile of foreign insurer to another foreign state
§ 38.2-1022. Commission to be notified of proposed transfer of domicile
§ 38.2-1025. Annual renewal of license
§ 38.2-1026. Retaliatory provisions as to taxes, fees, deposits and other requirements
§ 38.2-1027. Admission of foreign and alien insurers
§ 38.2-1028. Additional licensing requirements for stock insurers
§ 38.2-1029. Additional licensing requirements for mutual insurers
§ 38.2-1030. Surplus requirements for issuing policies without contingent liability
§ 38.2-1031. Additional requirements, alien insurers
§ 38.2-1032. Additional licensing requirements for domestic insurers
§ 38.2-1033. Additional licensing requirements for foreign insurers
§ 38.2-1034. How domestic mutual insurers may acquire initial surplus
§ 38.2-1037. Exceptions for licensed and operating insurers
§ 38.2-1039.1. Risk retention groups
§ 38.2-1040. Refusal, suspension or revocation of license
§ 38.2-1041. Notice to company of proposed suspension or revocation
§ 38.2-1042. Agent's authority likewise suspended or revoked
§ 38.2-1043. Suspension or revocation published
§ 38.2-1044. New business prohibited
§ 38.2-1045. Deposits required of insurers generally
§ 38.2-1046. Purpose of deposits; enforcement of lien
§ 38.2-1047. How deposits applied to payment of claims; deficit to be made good
§ 38.2-1048. Return of deposits
§ 38.2-1049. Alternate deposit requirements
§ 38.2-1050. Voluntary deposit in excess of amount required
§ 38.2-1052. Exchange of securities
§ 38.2-1053. Interest on deposits; to whom paid
§ 38.2-1054. Duty of State Treasurer when securities deposited are paid
§ 38.2-1055. Annual report of State Treasurer to Commission
§ 38.2-1057. Assessment for expense of holding deposits; Insurance Collateral Assessment Fund
§ 38.2-1058. Felony for State Treasurer to dispose of securities illegally