515G.6 Approval of plan by policyholders — notice of election — effective date. After the plan has been approved by the commissioner as provided in section 515G.7, the plan of conversion shall be submitted to and shall not take effect until approved by two-thirdsof the policyholders of the mutual insurer voting on the plan or such greater vote, if any, as isrequired by the articles of incorporation or bylaws of the mutual insurer. Notice of a meetingfor the purpose of voting on the conversion plan shall be provided by mail to each policyholderentitled to vote in accordance with notice provisions in the articles of incorporation or bylawsof the mutual insurer. Each policyholder entitled to vote may cast one vote unless otherwiseprovided in the articles of incorporation or bylaws of the mutual insurer. Voting shall be byballot, in person, or by proxy. A quorum consists of a quorum as defined in the articles ofincorporation or bylaws of the mutual insurer. A copy of the plan of conversion, or a summaryof the plan of conversion, shall accompany the notice of meeting and election. An approvedplan of conversion shall take effect on the date specified in the plan. f the plan of conversion, or a summaryof the plan of conversion, shall accompany the notice of meeting and election. An approvedplan of conversion shall take effect on the date specified in the plan. 90 Acts, ch 1083, §6 Sat Dec 23 00:49:11 2023 Iowa Code 2024, Section 515G.6 (15, 0)
Iowa Legal Code