All costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company from the proceeds of the offering; provided, that if the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(h), the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.
(May 24, 1996, D.C. Law 11-126, § 14, 43 DCR 1551; Apr. 3, 2001, D.C. Law 13-214, § 2(g), 47 DCR 9580.)
1981 Ed., § 35-4213.
D.C. Law 13-214 rewrote the section which had read:
“All the costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company except where the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(e). In those cases, the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.
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