44-6115.01. Anti-takeover provision; voting of securities; limitations; enforcement.
No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of section 44-6115 or of any rule, regulation, or order of the director may be voted at any shareholders' meeting or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding, but no action taken at any such meeting shall be invalidated by the voting of such securities unless the action would materially affect control of the new stock insurer or an institution which owns a majority or all of the voting securities of the new stock insurer or unless the courts of this state have so ordered. If a new stock insurer or the director has reason to believe that any security of the new stock insurer or an institution which owns a majority or all of the voting securities of the new stock insurer has been or is about to be acquired in contravention of the Insurers Demutualization Act or of any rule, regulation, or order of the director, the new stock insurer or the director may apply to the district court of Lancaster County for an order to enjoin any offer or acquisition made in contravention of section 44-6115 or any rule, regulation, or order of the director to enjoin the voting of any security so acquired, to void any vote of such security already cast at any shareholders' meeting, and for such other equitable relief as the nature of the case and the interest of the new stock insurer's policyholders, creditors, and shareholders or the public may require.
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