Louisiana Revised Statutes 22:236.11 – Directors and officers of the reorganized company
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Terms Used In Louisiana Revised Statutes 22:236.11
- Plan of reorganization: means the plan of reorganization adopted by the reorganizing mutual in compliance with this Subpart. See Louisiana Revised Statutes 22:236
- Reorganized company: means either: (a) a reorganized insurer resulting from the reorganization of a mutual insurer under this Subpart; or (b) a reorganized insurance holding company. See Louisiana Revised Statutes 22:236
- Reorganizing mutual: means a mutual insurer or mutual insurance holding company that is reorganizing pursuant to this Subpart. See Louisiana Revised Statutes 22:236
The directors and officers of the reorganizing mutual, unless otherwise specified in the plan of reorganization, shall serve as the directors and officers of the reorganized company until new directors and officers are duly elected pursuant to the articles of incorporation and bylaws of the reorganized company.
Acts 2008, No. 307, §1, eff. June 17, 2008.