521.10 Election called. 1. The commission may require an affected company to submit the plan of consolidation, merger, or reinsurance to a vote by its members. The plan shall be submitted at a meetingcalled for that purpose, upon not less than thirty days’ notice. Member approval of the planrequires the affirmative vote of two-thirds of all members voting in person, by ballot, or byproxy. 2. Approval by the members of a mutual company of a plan of merger or reinsurance is not required if all of the following conditions are satisfied: a. The company will survive the merger or is the reinsurer.b. At the time of the merger or reinsurance, the number of members of the surviving company is greater than the number of members of the affected company. c. At the time of the merger or reinsurance, the surplus of the surviving company is greater than the surplus of the affected company. [S13, §1821-q; C24, 27, 31, 35, 39, §9113; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.10] 2006 Acts, ch 1117, §106 Sat Dec 23 00:52:18 2023 Iowa Code 2024, Section 521.10 (18, 0)
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