§ 31-902. Adoption of the plan of conversion by the board of directors.

Current through October 23, 2012

(a) A mutual company seeking to convert to a stock company shall, by the affirmative vote of a majority of its board of directors, adopt a plan of conversion consistent with the requirements of § 31-906.

(b) At any time before approval of a plan by the Commissioner, the mutual company, by the affirmative vote of a majority of its board of directors, may amend or withdraw the plan.

                
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(May 24, 1996, D.C. Law 11-126, § 3, 43 DCR 1551; Mar. 24, 1998, D.C. Law 12-81, § 43(b), 45 DCR 745; Apr. 3, 2001, D.C. Law 13-214, § 2(a), 47 DCR 9580.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-4202.

Effect of Amendments

D.C. Law 13-214 substituted "a majority" for "2/3" in subsecs. (a) and (b).

Legislative History of Laws

For legislative history of D.C. Law 11-126, see Historical and Statutory Notes following § 31-901.

For legislative history of D.C. Law 12-81, see Historical and Statutory Notes following § 31-901.

Law 13-214, the "Insurance Demutualization Amendment Act of 2000," was introduced in Council and assigned Bill No. 13-710, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on June 26, 2000, and October 3, 2000, respectively. Signed by the Mayor on October 30, 2000, it was assigned Act No. 13-466 and transmitted to both Houses of Congress for its review. D.C. Law 13-214 became effective on April 3, 2001.