The board of directors may adopt a plan of conversion that does not rely in whole or in part upon the issuance to members of nontransferable subscription rights to purchase stock of the converted stock company if the Commissioner finds that the plan does not prejudice the interest of the members, is fair and equitable, and is based upon an independent appraisal of the market value of the mutual company by a qualified person and a fair and equitable allocation of any consideration to be given eligible members. The Commissioner may retain, at the mutual company’s expense, any qualified expert not otherwise a part of the Commissioner’s staff to assist in reviewing whether the plan may be approved by the Commissioner.
(May 24, 1996, D.C. Law 11-126, § 9, 43 DCR 1551; Mar. 24, 1998, D.C. Law 12-81, § 43(g), 45 DCR 745.)
Prior Codifications1981 Ed., § 35-4208.