83-31-105 - Conversion plan adoption and approval. - Mississippi Statutes

§ 83-31-105. Conversion plan adoption and approval.
 

(1)  A mutual insurance company that seeks to convert to a stock company must adopt, by the affirmative vote of not less than two-thirds (2/3) of the members of its board of directors, a conversion plan consistent with the requirements of Sections 83-31-101 through 83-31-143. A mutual insurance company may not engage in the business of insurance as a stock company until it complies with the requirements of Sections 83-31-101 through 83-31-143. 

(2)  Before the eligible members of a mutual insurance company may vote on approval of a conversion plan, the mutual insurance company must comply with Section 83-31-107 and other applicable requirements under Sections 83-31-101 through 83-31-143. 
 

Sources: Laws,  1998, ch. 576, § 3, eff from and after July 1, 1998.