376.1307. Issuance of shares. - Missouri Statutes

Issuance of shares.

376.1307. All of the shares, if any are issued, of the capital stockof the reorganized life insurance company shall be issued to the mutualholding company, which shall at all times own a majority of the votingshares of the capital stock of the reorganized life insurance company;except that, either at the time of the reorganization, or at some latertime with the approval of the director, the mutual holding company maycreate a stock holding company pursuant to chapter 351, RSMo, for thepurpose of owning all of the stock of the reorganized life insurancecompany, so long as the mutual holding company at all times owns a majorityof the voting shares of the capital stock of the stock holding company.Any subsidiaries of the reorganized life insurance company may remain assubsidiaries of such company or become subsidiaries of the mutual or stockholding company provided that, if such subsidiaries shall becomesubsidiaries of a stock holding company then the reorganized life insurancecompany shall be reimbursed the fair market value of its holdings in suchsubsidiaries in the event shares of the stock holding company are or havebeen issued to other than the mutual holding company.

(L. 1996 S.B. 759)