DIVISION 2. CLASSES OF INSURANCE 1880-12880.5›PART 2. LIFE AND DISABILITY INSURANCE 10110-11549›CHAPTER 14. Conversion of an Incorporated Mutual Life or Life and Disability Insurer into an Incorporated Stock Life Insurer Issuing Policies on a Reserve Basis 11535-11549›ARTICLE 1. Authority and Requirements to Convert 11535-11549
§ 11539
California Insurance Code · 2018-11 edition · updated 2026-10-04 · California
The meeting of members prescribed by subdivision (c) of Section 11536 shall be called by the board of directors, the chairperson of the board, or the president of the mutual company. Notice of the meeting shall be given to eligible members by mail at least 30 days prior to the date set for the meeting to members of the mutual company of record on the date the plan of conversion was adopted by the board of directors. Voting shall be by ballot, in person or by proxy. A quorum shall consist of 5 percent of the members of the mutual company entitled to vote at the meeting.
(Amended by Stats. 1996, Ch. 406, Sec. 10. Effective August 19, 1996.)
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