The director may require that plan and agreement for reinsurance be approved by a vote of not less than two–thirds of each domestic mutual insurer’s members voting thereon at meetings of members called for the purpose, pursuant to such reasonable notice and procedure as the director may determine. If a life insurer, right to vote may be limited to members whose policies are other than term or group policies, and have been in effect for more than one year.

Source: SL 1966, ch 111, ch 16, § 41 (3).