No director, officer, agent, or employee of the mutual company, or any other person, shall receive any fee, commission, or other valuable consideration, other than his or her usual regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the Commissioner. This provision does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, and actuaries for services performed in the independent practice of their professions, even if the attorney, accountant, or actuary is also a director of the mutual company.
(May 24, 1996, D.C. Law 11-126, § 13, 43 DCR 1551; Mar. 24, 1998, D.C. Law 12-81, § 43(j), 45 DCR 745.)
1981 Ed., § 35-4212.
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