Sec. 6005.
(1) A mutual company seeking to reorganize to a mutual holding company structure shall adopt, by the affirmative vote of not less than 2/3 of its board of directors, a plan of reorganization under this chapter.
(2) At any time before approval of a plan of reorganization by eligible members, the mutual company, by the affirmative vote of not less than 2/3 of its board of directors, may amend or withdraw the plan.
History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.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)
218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)
Section 500.6001 - Definitions.
Section 500.6003 - Reorganization of Mutual Company; Formation.
Section 500.6005 - Reorganization Plan; Adoption; Amendment; Withdrawal.
Section 500.6007 - Reorganization Plan; Contents.
Section 500.6009 - Reorganization Plan; Operation and Support of Closed Block of Business.
Section 500.6015 - Documents to Be Filed After Plan Approval.
Section 500.6017 - Mutual Holding Company; Articles of Incorporation.
Section 500.6019 - Reorganization Plan; Conditions for Plan to Take Effect.
Section 500.6023 - Membership Interest in Mutual Holding Company.
Section 500.6025 - Mutual Holding Company; Powers and Duties.
Section 500.6027 - Transfer, Assignment, or Diversion of Business From Converted Business.