Sec. 5913.
The plan may allocate to a tax-qualified employee benefit plan subscription rights to purchase up to 10% of the capital stock of the converted stock company or the stock of another corporation that is participating in the conversion plan, as provided in section 5905(1)(c)(i)(A), (B), or (C). This employee benefit plan is entitled to exercise its subscription rights regardless of the total number of shares purchased by other persons.
History: Add. 1995, Act 215, Imd. Eff. Nov. 29, 1995 ;-- Am. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
Section 500.5901 - Definitions.
Section 500.5904 - Plan of Conversion; Prohibited Conduct.
Section 500.5905 - Conversion Plan; Contents; Provisions Applicable to Subscription Rights.
Section 500.5907 - Conversion Plan; Provisions Applicable to Operation as Closed Block of Business.
Section 500.5911 - Receipt of Subscription Rights by Directors and Officers of Mutual Company.
Section 500.5913 - Allocation of Subscription Rights to Employee Benefit Plan.
Section 500.5917 - Effectiveness of Plan; Conditions.
Section 500.5925 - Validity of Actions.
Section 500.5927 - Petition to Waive Notice and Approval Requirements.