The plan and agreement for merger or consolidation shall be submitted to and approved by at least two–thirds of the members of each mutual insurer involved voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the director of the Division of Insurance. If a life insurer, right to vote may be limited to members whose policies are other than term and group policies, and have been in effect for more than one year.

Source: SL 1966, ch 111, ch 16, § 39 (3).