376.1309. Member's interest--nontransference of membership--immunity from liability--assessments, not imposed--security, membership interest.
Member's interest--nontransference of membership--immunity fromliability--assessments, not imposed--security, membership interest.
376.1309. 1. The membership interest of the policyholders of areorganized life insurance company shall become membership interests in themutual holding company. Policyholders of the reorganized life insurancecompany shall be members of the mutual holding company in accordance withthe articles of incorporation and bylaws of the mutual holding company andthe applicable provisions of this chapter relating to mutual life insurancecompanies.
2. No member of a mutual holding company may transfer membership inthe holding company or any right arising from such membership.
3. A member of a mutual holding company is not, as a member,personally liable for the acts, debts, liabilities or obligations of thecompany.
4. No assessments of any kind may be imposed upon the members of amutual holding company by the directors or members, or because of anyliability of any company owned or controlled by the mutual holding companyor because of any act, debt or liability of the mutual holding companyitself.
5. A membership interest in a domestic mutual holding company shallnot constitute a security under the laws of this state.
(L. 1996 S.B. 759)