Indiana Code
Chapter 5. Restrictions on Capital and Other Stock
27-14-5-1. Mihc to Retain Majority of Voting Stock

Sec. 1. After the effective date of the plan of reorganization, the MIHC must at all times have the direct or indirect:
(1) power to cast at least fifty-one percent (51%) of the votes on all matters submitted to a vote of the holders of common stock (or any other class of stock entitled to vote generally on matters submitted to security holders for a vote, including the election of directors) of each reorganized insurer and any stock holding company of the MIHC; and
(2) ownership of shares of stock entitled to:
(A) receipt of at least fifty-one percent (51%) of all dividends declared on common stock of each reorganized insurer and any stock holding company of the MIHC; and
(B) receipt of at least fifty-one percent (51%) of the net proceeds to common stockholders upon any dissolution of each reorganized insurer and any stock holding company of the MIHC.
As added by P.L.5-2000, SEC.4.

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