83-31-111 - Member meeting notice for voting on conversion plan.
§ 83-31-111. Member meeting notice for voting on conversion plan.
(1) Within sixty (60) days after the commissioner's approval of the plan, the mutual insurance company shall send to each eligible member notice of the members' meeting to vote on the conversion plan. The notice must be sent to the member's last known address, as shown on the mutual insurance company's records, before the thirtieth day preceding the date set for the meeting. The notice shall:
(a) Briefly but fairly describe the material terms and provisions of the proposed conversion plan; and
(b) Inform the member of the member's right to vote on the conversion plan.
(2) If the meeting to vote on the conversion plan is held during the mutual insurance company's annual meeting of policyholders, only a combined meeting notice is required.
Sources: Laws, 1998, ch. 576, § 6, eff from and after July 1, 1998.