Ind. Code § 27-15-5-7

Current through P.L. 171-2024

Section 27-15-5-7 - Vote required for approval

The proposed plan of conversion and amendment to the converting mutual's articles of incorporation shall be approved by the members upon receiving the affirmative votes of:

(1) at least two-thirds (2/3) of the members voting at the meeting; and

(2) if the plan provides for different classes, categories, or groups of eligible members to receive different forms of consideration, other than as permitted by IC 27-15-8-4(b)(2) or IC 27-15-12, at least two-thirds (2/3) of the members voting at the meeting who would receive each different form of consideration, voting as a class.

IC 27-15-5-7

As added by P.L. 94-1999, SEC.3.