All costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company from the proceeds of the offering; provided, that if the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(h), the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.
(May 24, 1996, D.C. Law 11-126, § 14, 43 DCR 1551; Apr. 3, 2001, D.C. Law 13-214, § 2(g), 47 DCR 9580.)
Prior Codifications1981 Ed., § 35-4213.
Effect of AmendmentsD.C. Law 13-214 rewrote the section which had read:
“All the costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company except where the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(e). In those cases, the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.”