Adoption of the plan of conversion by the board of directors. (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. (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.) 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).
District of Columbia Legal Code