Sec. 7. Notwithstanding any provision of this article, an MIHC or an affiliate of an MIHC may not use any form of a stock option or other preference with respect to the sale or purchase of any stock or other equity instrument of the MIHC or an affiliate of the MIHC to compensate an officer or director of the MIHC or an affiliate of the MIHC for services in connection with a plan to issue stock.
As added by P.L.5-2000, SEC.4.
Structure Indiana Code
Article 14. Mutual Insurance Holding Company Law
Chapter 4. Issuance of Capital Stock
27-14-4-1. Applicability of Chapter; Issuance of Stock
27-14-4-2. Adoption of Plan to Issue Stock
27-14-4-3. Amendment or Withdrawal of Plan
27-14-4-4. Application to Issue Stock
27-14-4-5. Mandatory Provisions of Plan to Issue Stock
27-14-4-6. Permitted Provisions of Plan to Issue Stock
27-14-4-7. Stock Option as Compensation of Officer or Director Prohibited