California Insurance Code 4097.14 – Unless otherwise provided in the plan of conversion, the directors …
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Unless otherwise provided in the plan of conversion, the directors and officers of the mutual company shall serve as directors and officers of the converted company until new directors and officers have been duly elected and qualified pursuant to the articles of incorporation and bylaws of the stock company.
(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
Terms Used In California Insurance Code 4097.14
- Converted company: means the converted insurer or converted mutual holding company, as the case may be. See California Insurance Code 4097.01
- Mutual company: means , in the case of a plan of conversion, the medical malpractice mutual insurer or mutual holding company that is converting pursuant to the plan. See California Insurance Code 4097.01
- plan: means a plan adopted by a mutual company in compliance with this article. See California Insurance Code 4097.01