Indiana Code 27-15-5-7. Vote required for approval
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Sec. 7. The proposed plan of conversion and amendment to the converting mutual’s articles of incorporation shall be approved by the members upon receiving the affirmative votes of:
(2) if the plan provides for different classes, categories, or groups of eligible members to receive different forms of consideration, other than as permitted by IC 27-15-8-4(b)(2) or IC 27-15-12, at least two-thirds (2/3) of the members voting at the meeting who would receive each different form of consideration, voting as a class.
(1) at least two-thirds (2/3) of the members voting at the meeting; and
Terms Used In Indiana Code 27-15-5-7
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
As added by P.L.94-1999, SEC.3.