Code of Virginia - Title 38.2 Insurance - Section 38.2-1010 How acquired shares held

§ 38.2-1010. How acquired shares held

Until all shares are acquired, the acquired shares shall be held in trust for the policyholders of the insurer as provided in this article and shall be assigned and transferred on the books of the insurer to not less than three nor more than five trustees and shall be held by them in trust. Shares transferred to the trustees shall be voted by them at all corporate meetings at which stockholders have the right to vote until all of the capital stock of the insurer is acquired. The trustees shall be appointed and vacancies in the office of trustee shall be filled as provided in the plan adopted under § 38.2-1006. The trustees shall file with the insurer and with the Commission a verified acceptance of their appointment and a declaration that they will faithfully discharge their duties as such trustees.

(Code 1950, § 38-425; 1952, c. 317, § 38.1-494; 1986, c. 562.)

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Last modified: April 16, 2009