§ 2420. Policyholders--Rights to purchase stock--Sale of stock not purchased
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 2420
§ 2420. Policyholders--Rights to purchase stock--Sale of stock not purchased
If such mutual benefit association be converted into a stock legal reserve life insurance company each and every policyholder or certificate holder shall have the exclusive right for thirty (30) days after the conversion is approved at the policyholders' meeting and the mailing of the notice thereof to purchase that proportion of the total stock offered for sale as the amount of his insurance bears to the association's total insurance in force at the time of conversion. Any stock not purchased by the policyholders may then be sold by the board of directors.
Credits
Laws 1957, p. 323, § 2420, operative July 1, 1957.
36 Okl. St. Ann. § 2420, OK ST T. 36 § 2420
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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