508B.6 Approval of plan by policyholders — notice of election — effective date. The plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual company voting on the plan. Notice of ameeting for the purpose of voting on the conversion plan shall be provided by mail to eachpolicyholder entitled to vote in accordance with the articles of incorporation or bylaws ofthe mutual company. Each policyholder entitled to vote may cast one vote unless otherwiseprovided in the articles of incorporation or bylaws of the mutual company. Voting shall be byballot, in person or by proxy. A quorum shall consist of a quorum as defined in the articlesof incorporation or bylaws of the mutual company. A copy of the plan of conversion, or asummary of the plan of conversion, shall accompany the notice of meeting and election. Thenotice of meeting may contain the notice of any planned public hearing. An approved planof conversion shall take effect on the date specified in the plan. 85 Acts, ch 127, §6; 99 Acts, ch 165, §3Referred to in §508B.2 Sat Dec 23 00:40:57 2023 Iowa Code 2024, Section 508B.6 (15, 0)
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