(a) Adoption of the revised articles of incorporation of the converted stock company is necessary to implement the plan and shall be governed by the applicable provisions of District law.
(b) For a Class 1 mutual company, the members may adopt the revised articles of incorporation at the same meeting at which the members approve the plan.
(c) For a Class 2 or 3 mutual company, the revised articles of incorporation may be adopted solely by the board of directors or trustees, as provided by District law.
(May 24, 1996, D.C. Law 11-126, § 6, 43 DCR 1551.)
Prior Codifications1981 Ed., § 35-4205.
Emergency LegislationFor temporary amendment of section, see § 2(a) of the Insurance Demutualization Emergency Amendment Act of 1998 (D.C. Act 12-528, December 16, 1998, 45 DCR 476).
For temporary (90-day) amendment of section, see § 2(a) of the Insurance Demutualization Congressional Review Emergency Amendment Act of 1999 (D.C. Act 13-35, March 18, 1999, 46 DCR 3004).
Temporary LegislationFor temporary (225 day) amendment of section, see § 2(a) of the Insurance Demutualization Temporary Amendment Act of 1998 (D.C. Law 12-221, April 13, 1999, law notification 46 DCR 3843).