ARTICLE 2. Execution of Plan [11529. - 11533.]
Article 2 added by Stats. 1935, Ch. 530.
§§ 11529–11533 · 14 sections
- § 11529 In carrying out any such plan, the insurer may acquire any shares of its own stock by gift, bequest or purchase. Any shares so acquired shall, unless as a…
- § 11529.5 Any such plan of mutualization may provide for the creation of a voting trust under a trust agreement for the holding and voting by three or more trustees of…
- § 11530 Every payment for the acquisition of any shares of the capital stock of such insurer, the purchase price of which is not fixed by such plan, shall be subject…
- § 11531 The trustees referred to in section 11529 shall file with such insurer and with the commissioner a verified acceptance of their appointments and verified…
- § 11532 Such insurer, after mutualization, shall be a continuation of the original insurer, and such mutualization shall not affect such insurer’s certificate of…
- § 11532.1 An annual meeting of members shall be held at 10 o'clock in the morning of the fourth Tuesday of March of each year at the principal office of the insurer,…
- § 11532.2 Special meetings of the members, for any purpose or purposes whatsoever, may be called at any time by the president, or by the board of directors, or by one or…
- § 11532.3 Notice of all meetings of members whether annual or special shall be given in writing to the members entitled to vote by the secretary, or an assistant…
- § 11532.4 The presence in person or by proxy of 5 per cent of the members entitled to vote at any meeting shall constitute a quorum for the transaction of business,…
- § 11532.5 Each such member shall have one vote at any meeting of members regardless of the number of policies or the amount of insurance that such member holds and…
- § 11532.6 The directors of the insurer in office at the time the insurer is mutualized as provided in this chapter shall continue in office until the first annual…
- § 11532.7 The articles of incorporation or the bylaws may provide that the directors may be divided into two or more classes whose terms of office shall expire at…
- § 11532.8 All insurers mutualized under the provisions of this chapter shall be subject to all other applicable provisions of this code and to the provisions of the…
- § 11533 The provisions of Article 8 of Chapter 1 of Part 2 of Division 1 of this code shall not apply to any of the following: (a) Shares of the capital stock of such…