By not less than a two-thirds (2/3) vote of the members of its board of directors and with the approval of the Insurance Commissioner, a mutual insurer may abandon a plan of reorganization at any time before the issuance of the certificate of authority by the commissioner. Upon such abandonment, all rights and obligations arising out of the plan of reorganization shall terminate, and the mutual insurer shall continue to conduct its business as a domestic mutual insurer as though no plan of reorganization had ever been adopted.
Section: Previous 23-69-305 23-69-306 23-69-307 23-69-308 23-69-309 23-69-310 23-69-311 23-69-312 23-69-313 23-69-314 23-69-315 23-69-316 23-69-317 23-69-318 23-69-319 NextLast modified: November 15, 2016