South Dakota Codified Laws 58-5-138. Conversion of mutual to stock insurer restricted
Current as of: 2023 | Check for updates
|
Other versions
No domestic mutual insurer in this state may reorganize or convert into a corporation with capital stock unless the reorganization or conversion plan provides each member of the mutual insurer with cash or other valuable consideration for the fair value of the member’s equity in the company as determined under a formula approved by the director of the Division of Insurance and the secretary of labor and regulation.
Terms Used In South Dakota Codified Laws 58-5-138
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
Source: SL 1966, ch 111, ch 16, § 4; SL 1984, ch 325, § 1; SL 2018, ch 278, § 1.