Iowa Code 521.10 – Election called
Current as of: 2023 | Check for updates
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1. The commission may require an affected company to submit the plan of consolidation, merger, or reinsurance to a vote by its members. The plan shall be submitted at a meeting called for that purpose, upon not less than thirty days’ notice. Member approval of the plan requires the affirmative vote of two-thirds of all members voting in person, by ballot, or by proxy.
Terms Used In Iowa Code 521.10
- Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
2. Approval by the members of a mutual company of a plan of merger or reinsurance is not required if all of the following conditions are satisfied:
a. The company will survive the merger or is the reinsurer.
b. At the time of the merger or reinsurance, the number of members of the surviving company is greater than the number of members of the affected company.
c. At the time of the merger or reinsurance, the surplus of the surviving company is greater than the surplus of the affected company.