Indiana Code 27-15-6-3. Effect of plan and amendment
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Sec. 3. When the plan of conversion and the amendment to the articles of incorporation of the converting mutual become effective:
(A) be converted from a domestic mutual insurance company to a domestic stock insurance company; and
(1) the converting mutual shall:
Terms Used In Indiana Code 27-15-6-3
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(B) have all the rights, privileges, immunities, and powers and be subject to all the duties and liabilities of a stock insurance company existing under this title;
(2) the membership interests of every member and policyholder of the converting mutual are extinguished and cease; and
(3) the rights of every member and policyholder of the converting mutual under any contract of insurance continue in force under the terms of the contract, including rights, if any, to policyholder dividends.
As added by P.L.94-1999, SEC.3.