Sec. 6029.
(1) A director, officer, agent, or employee of the mutual company or any other person shall not receive any fee, commission, or other valuable consideration, other than his or her usual salary and compensation, for aiding, promoting, or assisting in a reorganization under this chapter, except as provided for in the plan approved by the commissioner.
(2) All the costs and expenses connected with a plan of reorganization shall be paid for or reimbursed by the mutual company or the converted company.
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 Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff.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.