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§ 27-15-5-7 — Indiana Law | CourtGPT
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  4. Title 27 - Insurance/
  5. Article 15 - Demutualization of Mutual Insurance Companies/
  6. Chapter 5 - Voting on the Plan by Members27-15-5-1. Submission of Plan to Vote/
  7. § 27-15-5-7
Indiana Legal Code

§ 27-15-5-7

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The proposed plan of conversion and amendment to the converting mutual's articles of incorporation shall be approved by the members upon receiving the affirmative votes of:(1) at least two-thirds (2/3) of the members voting at the meeting; and(2) if the plan provides for different classes, categories, or groups of eligible members to receive different forms of consideration, other than as permitted by IC 27-15-8-4(b)(2) or IC 27-15-12, at least two-thirds (2/3) of the members voting at the meeting who would receive each different form of consideration, voting as a class.As added by P.L.94-1999, SEC.3.