A person soliciting a proxy from a member shall provide all members with a proxy statement that:
- (1) identifies the person soliciting the proxy;
- (2) informs the member of the right to vote upon the plan of reorganization and the vote required for approval;
- (3) briefly describes the proposed plan of reorganization and any voting capital stock to be offered;
- (4) explains the use of any new capital to be raised; and
- (5) describes any employee benefit plan or stock option plan.
As added by P.L.226-2023, SEC.30.