40-509. Same; resolution of boards of directors. - Kansas Statutes

40-509

Chapter 40.--INSURANCE Article 5.--MUTUAL LIFE INSURANCE COMPANIES

      40-509.   Same; resolution of boards of directors.(a) The board of directors of each of the mutual insurers proposing tomerge or consolidate shall, by resolution adopted by at least a majorityof all the members of each board, approve a joint agreement of merger orconsolidation, as the case may be, between the insurer parties, settingforth the terms and conditions of the merger or consolidation, the modeof carrying the same into effect and such other provisions as are deemedadvisable.

      (b)   Upon approving such an agreement, each board by resolution shalldirect the same be submitted to the commissioner of insurance subject todisapproval as provided in K.S.A. 40-510 and to the approvalof the policyholders of the respective insurers as provided in K.S.A.40-511.

      History:   L. 1980, ch. 135, § 3; July 1.