(a) Adoption of the revised articles of incorporation of the converted stock company is necessary to implement the plan and shall be governed by the applicable provisions of District law.
(b) For a Class 1 mutual company, the members may adopt the revised articles of incorporation at the same meeting at which the members approve the plan.
(c) For a Class 2 or 3 mutual company, the revised articles of incorporation may be adopted solely by the board of directors or trustees, as provided by District law.
(May 24, 1996, D.C. Law 11-126, § 6, 43 DCR 1551.)
1981 Ed., § 35-4205.
For temporary amendment of section, see § 2(a) of the Insurance Demutualization Emergency Amendment Act of 1998 (D.C. Act 12-528, December 16, 1998, 45 DCR 476).
For temporary (90-day) amendment of section, see § 2(a) of the Insurance Demutualization Congressional Review Emergency Amendment Act of 1999 (D.C. Act 13-35, March 18, 1999, 46 DCR 3004).
For temporary (225 day) amendment of section, see § 2(a) of the Insurance Demutualization Temporary Amendment Act of 1998 (D.C. Law 12-221, April 13, 1999, law notification 46 DCR 3843).
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 9 - Insurance Demutualization
§ 31–902. Adoption of the plan of conversion by the board of directors
§ 31–904. Approval of the plan by the members
§ 31–905. Adoption of revised articles of incorporation
§ 31–905.01. Acquiring, offering securities issued in connection with a plan of conversion
§ 31–906. Required provisions in a plan of conversion
§ 31–907. Optional provisions in a plan of conversion
§ 31–908. Alternative plan of conversion
§ 31–909. Effective date of the plan
§ 31–912. Conflict of interest