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Receipt of Subscription Rights by Directors and Officers of Mutual Company - Mich. Comp. Laws Section 500.5911

Legal Research Home > Michigan Laws > Insurance Code Of 1956 > Receipt of Subscription Rights by Directors and Officers of Mutual Company - Mich. Comp. Laws Section 500.5911

500.5911 Receipt of subscription rights by directors and officers of mutual company.

Sec. 5911.

(1) The plan may provide that the directors and officers of the mutual company shall receive, without payment, subscription rights to purchase capital stock of the converted stock company or the stock of another corporation that is participating in the conversion plan, as provided in section 5905(1)(c)(i)(A), (B), or (C). These subscription rights shall be allocated among the directors and officers by a fair and equitable formula.

(2) The total number of shares that may be purchased under subsection (1) shall not exceed 25% of the total number of shares to be issued for a mutual company if total assets of the company are less than $50,000,000.00 or 15% of the total number of shares to be issued for a mutual company if total assets of the company are more than $500,000,000.00. For mutual companies with total assets of or between $50,000,000.00 and $500,000,000.00, the percentage of the total number of shares that may be purchased shall be interpolated.

(3) Stock purchased by a director or officer under subsection (1) may not be sold within 1 year after the effective date of the conversion.


History: Add. 1995, Act 215, Imd. Eff. Nov. 29, 1995 ;-- Am. 2000, Act 8, Imd. Eff. Feb. 25, 2000
Popular Name: Act 218

Section:  Previous  500.5840  500.5901  500.5903  500.5904  500.5905  500.5907  500.5909  500.5911  500.5913  500.5915  500.5917  500.5919  500.5921  500.5923  500.5925  Next

Last modified: March 17, 2013


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