515G.13 Prohibitions on certain offers to acquire shares. Prior to and for a period of five years following the effective date of the conversion, and five years following the date of distribution of consideration to the policyholders in exchangefor their membership interests, an officer or director, including family members and theirspouses, of the mutual insurer or the successor stock company, shall not directly or indirectlyoffer to acquire or acquire control of the successor stock company unless the acquisition ismade pursuant to a stock option or other plan approved by the commissioner, made pursuantto the plan of conversion, or made after the initial public offering from a broker or dealer ofregistered securities with the securities and exchange commission at the quoted price on thedate of purchase, or made in connection with the defense against an acquisition of control ofthe reorganized company pursuant to any proposal not approved by the board of directors. Asused in this section, 'family member' includes a brother, sister, spouse, parent, grandparent,ancestor, or descendant of the officer or director. ny proposal not approved by the board of directors. Asused in this section, 'family member' includes a brother, sister, spouse, parent, grandparent,ancestor, or descendant of the officer or director. 90 Acts, ch 1083, §13 Sat Dec 23 00:49:15 2023 Iowa Code 2024, Section 515G.13 (15, 0)
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