Section 27-14.5-3-2 - Required vote of board of directors in favor of issuing stockA plan to issue stock under this chapter must be adopted:
(1) by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company; or(2) in the case of a plan to issue shares of stock that is not concurrent with the formation of the mutual insurance holding company, by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance holding company and the reorganized insurer or intermediate stock holding company proposing to issue the stock.Added by P.L. 226-2023,SEC. 30, eff. 5/1/2023.