40-509. Same; resolution of boards of directors. (a) The board of directors of each of the mutual insurers proposing to merge or consolidate shall, by resolution adopted by at least a majority of all the members of each board, approve a joint agreement of merger or consolidation, as the case may be, between the insurer parties, setting forth the terms and conditions of the merger or consolidation, the mode of carrying the same into effect and such other provisions as are deemed advisable.
(b) Upon approving such an agreement, each board by resolution shall direct the same be submitted to the commissioner of insurance subject to disapproval as provided in K.S.A. 40-510 and to the approval of the policyholders of the respective insurers as provided in K.S.A. 40-511.
History: L. 1980, ch. 135, ยง 3; July 1.
Structure Kansas Statutes
Article 5 - Mutual Life Insurance Companies
40-502 Directors and officers; vacancies; elections.
40-504 Certificate of authority; procedure and fee; duties of attorney general.
40-505 Suspension of business.
40-507 Merger or consolidation; order of commissioner directing delivery of assets.
40-508 Same; merger and consolidation defined.
40-509 Same; resolution of boards of directors.
40-511 Same; approval by two-thirds vote of policyholders; notice of meeting; summary of agreement.
40-512 Same; impaired insurer.
40-513 Same; articles of merger or consolidation, requirements.
40-515 Same; compensation of directors and officers; criminal penalties.
40-516 Same; act supplemental to insurance code; severability.