A plan to issue stock under this chapter must be adopted:(1) by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company; or(2) in the case of a plan to issue shares of stock that is not concurrent with the formation of the mutual insurance holding company, by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance holding company and the reorganized insurer or intermediate stock holding company proposing to issue the stock.As added by P.L.226-2023, SEC.30.
Indiana Legal Code