New York Laws
Article 80 - Mutual Holding Company
8005 - Amendment or Withdrawal of Plan.

§ 8005. Amendment or withdrawal of plan. At any time before the plan
of reorganization becomes effective as provided in section eight
thousand nine of this article, the reorganizing insurer may, by
resolution of a three-fourths majority of its entire board of directors,
amend the plan of reorganization or withdraw the plan of reorganization.
In the case of a plan amendment, all references in this article to the
plan of reorganization shall be deemed to refer to the plan as amended,
but no amendment shall be deemed to change the adoption date of the plan
of reorganization. A further public hearing is not necessary unless the
superintendent determines that amendments submitted after the original
hearing required under section eight thousand seven of this article will
substantially alter the plan. In the event that the superintendent
determines that the amendment substantially alters the plan, the plan as
amended must be submitted for reconsideration by the policyholders
entitled to vote on the plan as provided in section eight thousand eight
of this article.