A plan to issue stock under this chapter must be adopted:
- (1) by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company; or
- (2) in the case of a plan to issue shares of stock that is not concurrent with the formation of the mutual insurance holding company, by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance holding company and the reorganized insurer or intermediate stock holding company proposing to issue the stock.
As added by P.L.226-2023, SEC.30.