§ 2929. Merger or conversion
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 2929
§ 2929. Merger or conversion
A. A domestic reciprocal insurer upon affirmative vote of not less than two-thirds ( 2/3 ) of its subscribers who vote on such merger pursuant to due notice and the approval of the Insurance Commissioner of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutual insurer.
C. The Insurance Commissioner shall not approve any plans for such merger or conversion which is inequitable to subscribers, or which, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to his interest in the reciprocal insurer as determined in accordance with Section 2928 of this article and a reasonable length of time within which to exercise such right.
Credits
Laws 1957, p. 360, § 2929, operative July 1, 1957.
36 Okl. St. Ann. § 2929, OK ST T. 36 § 2929
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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