The meeting of members prescribed by subdivision (c) of Section 11536 shall be called by the board of directors, the chairperson of the board, or the president of the mutual company. Notice of the meeting shall be given to eligible members by mail at least 30 days prior to the date set for the meeting to members of the mutual company of record on the date the plan of conversion was adopted by the board of directors. Voting shall be by ballot, in person or by proxy. A quorum shall consist of 5 percent of the members of the mutual company entitled to vote at the meeting.

(Amended by Stats. 1996, Ch. 406, Sec. 10. Effective August 19, 1996.)

Terms Used In California Insurance Code 11539

  • Eligible members: means , for the conversion of a mutual life insurer, the members of the mutual life insurer who are of record on the mutual life insurer's adoption date. See California Insurance Code 11535.1
  • Mutual company: means , in the case of a plan of conversion, the mutual life insurer, mutual property-casualty insurer, or mutual holding company that is converting pursuant to such plan. See California Insurance Code 11535.1
  • Person: means an individual, partnership, firm, association, corporation, joint-stock company, limited liability company, trust, government or governmental agency, state or political subdivision of a state, public or private corporation, board, association, estate, trustee, or fiduciary, or any similar entity. See California Insurance Code 11535.1
  • plan: means a plan adopted by a mutual company in compliance with this chapter. See California Insurance Code 11535.1
  • Quorum: The number of legislators that must be present to do business.
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