No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of any statute or rule adopted thereunder, may be voted at any shareholder’s meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding; but no action taken at any such meeting shall be invalidated by the voting of such securities, unless the action would materially affect the control of the insurer or unless a court of competent jurisdiction has so ordered. If the Office has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of part II of chapter 628, F.S., or this rule chapter, the Office may pursue its remedies pursuant to sections 628.802 and 628.803, F.S.
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 628.801, 628.802, 628.803 FS. History-New 1-30-91, Formerly 4-26.007, 4-143.050.