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Current through October 23, 2012
All costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company from the proceeds of the offering; provided, that if the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(h), the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.
(May 24, 1996, D.C. Law 11-126, § 14, 43 DCR 1551; Apr. 3, 2001, D.C. Law 13-214, § 2(g), 47 DCR 9580.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-4213.
Effect of Amendments
D.C. Law 13-214 rewrote the section which had read:
"All the costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company except where the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(e). In those cases, the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan."
Legislative History of Laws
For legislative history of D.C. Law 11-126, see Historical and Statutory Notes following § 31-901.
For D.C. Law 13-214, see notes following § 31-902.
