Required vote of board of directors in favor of plan of reorganization

Sec. 4. A plan of reorganization under this chapter must be adopted by: (1) 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 the formation of any intermediate stock insurance holding company 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. As added by P.L.226-2023, SEC.30.