(a) The plan of merger or of consolidation shall be approved by the affirmative vote of the holders of two thirds of the voting outstanding shares of each company unless 2 or more classes of shares have been issued for any of the companies.
(b) If the company has issued 2 or more classes of shares, the plan of merger or of consolidation shall be approved by the affirmative vote of at least two thirds of the voting outstanding shares of each class.
(c) For a mutual company, each member or policyholder entitled to vote shall have 1 vote, regardless of the amount of insurance or number of policies held by the individual.
(June 19, 1934, ch. 672, ch. III, § 48; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39; Feb. 27, 1996, D.C. Law 11-90, § 11, 42 DCR 7155.)
1981 Ed., § 35-646.
This section is referenced in § 31-4450.
For temporary amendment of section, see § 11 of the Insurance Omnibus Congressional Recess Emergency Amendment Act of 1995 (D.C. Act 11-97, July 19, 1995, 42 DCR 3844).
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 44 - Domestic Life Companies
§ 31–4401. Formation — Required contents of articles of incorporation
§ 31–4402. Formation — Filing, notice and bond requirements
§ 31–4404. Formation — Authority to solicit stock subscriptions or insurance applications
§ 31–4405. Formation — Disposition of sums paid upon stock subscriptions
§ 31–4407. Formation — Time limitation for issuance of policies
§ 31–4408. Minimum capital and surplus requirements
§ 31–4409. Amendment of articles of incorporation
§ 31–4410. Increase of capital stock
§ 31–4411. Decrease of capital stock
§ 31–4412. Liability of stockholders; rights of fiduciary stockholders and persons pledging stock
§ 31–4413. Payments for capital stock
§ 31–4414. Capital stock transfers
§ 31–4415. Capital stock records
§ 31–4416. Mutual companies — Corporations, boards, or associations as agents or members thereof
§ 31–4417. Mutual companies — Requirements before doing business
§ 31–4418. Reincorporation of existing corporations
§ 31–4419. Conversion of stock companies into mutual life companies
§ 31–4420. Applicability of provisions to existing corporations
§ 31–4421. Directors — Annual election; qualifications; limitation on proxies
§ 31–4422. Directors — Power to make bylaws
§ 31–4423. Directors — General election procedure
§ 31–4424. Directors — Cumulative voting in stock company election
§ 31–4425. Voting powers under group policies
§ 31–4426. Liability of directors
§ 31–4427. Salaries to be authorized by directors
§ 31–4428. Limitation of payments to stockholders and policyholders
§ 31–4429. Election or appointment of officers; required security
§ 31–4430. Officers and directors not to be pecuniarily interested in transactions
§ 31–4431. Voting-trust agreements
§ 31–4432. Maximum and contingent premiums of mutual companies. [Repealed]
§ 31–4434. Power of mutual company to borrow or assume liability
§ 31–4435. Investments and loans. [Repealed]
§ 31–4436. Domestic company real-estate holdings. [Repealed]
§ 31–4437. Reinsurance by domestic companies in authorized companies. [Repealed]
§ 31–4438. Reinsurance of risks. [Repealed]
§ 31–4439. Vouchers or affidavits as evidence of disbursements
§ 31–4440. Manner of keeping books, records, accounts, and vouchers
§ 31–4441. Acquisition of own capital stock. [Repealed]
§ 31–4442. Variable or modified guaranteed contracts
§ 31–4443. Effect of merger or consolidation
§ 31–4444. Procedure for merger of domestic companies
§ 31–4445. Procedure for consolidating domestic companies
§ 31–4446. Merger or consolidation of domestic and foreign companies
§ 31–4447. Merger or consolidation — Approval by Mayor
§ 31–4448. Merger or consolidation — Procedures before voting
§ 31–4449. Merger or consolidation — Approval by shareholders
§ 31–4450. Merger or consolidation — Rights of dissenting shareholders