38.2-1010 - How acquired shares held. - Virginia Statutes

§ 38.2-1010. How acquired shares held.

Until all shares are acquired, the acquired shares shall be held in trust forthe policyholders of the insurer as provided in this article and shall beassigned and transferred on the books of the insurer to not less than threenor more than five trustees and shall be held by them in trust. Sharestransferred to the trustees shall be voted by them at all corporate meetingsat which stockholders have the right to vote until all of the capital stockof the insurer is acquired. The trustees shall be appointed and vacancies inthe office of trustee shall be filled as provided in the plan adopted under §38.2-1006. The trustees shall file with the insurer and with the Commission averified acceptance of their appointment and a declaration that they willfaithfully discharge their duties as such trustees.

(Code 1950, § 38-425; 1952, c. 317, § 38.1-494; 1986, c. 562.)