Note: This version of section effective until 1-1-2018. See also following repeal of this chapter, effective 1-1-2018.

1. (b) This chapter may not be used to effect a transaction that:

   1. (1) converts an insurance company organized on the mutual principle to a company organized on a stock share basis;
   2. (2) converts a nonprofit corporation to a corporation or other entity; or
   3. (3) converts a domestic corporation or other entity to a nonprofit corporation.

Sec. 2. (a) A corporation, a nonprofit corporation, or any other entity engaging in a business that is subject to regulation under another statute may be a party to a transaction under this chapter unless the transaction is prohibited or authorized under another statute.

As added by P.L.178-2002, SEC.99. Amended by P.L.178-2005, SEC.4; P.L.130-2006, SEC.5.