California Insurance Code 11543 – 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.
(Amended by Stats. 1996, Ch. 406, Sec. 17. Effective August 19, 1996.)
Terms Used In California Insurance Code 11543
- Converted company: means the converted insurer or converted mutual holding company, as the case may be. 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
- plan: means a plan adopted by a mutual company in compliance with this chapter. See California Insurance Code 11535.1