reglab/housing_qa huggingface dataset:
CA Ins Code § 4097.07 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.07.

4097.07.  The meeting of members prescribed by subdivision (c) of Section 4097.02 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 45 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. In the event that a plan of reorganization provides for the establishment of a mutual holding company under Section 4097.05, the notice shall be accompanied by an information statement describing the proposed reorganization. The information statement shall include, at a minimum, the following items:(a) A full copy and a summary of the plan of reorganization.(b) A discussion addressing the reasons and purposes of the proposed restructuring, which shall include a comparison to a demutualization.(c) An analysis of the benefits and risks associated with the proposed reorganization to the mutual company and its policyholders.(d) An explanation of how the restructuring will benefit policyholders, as well as a description of any potential risks to policyholder interests and a description of how the policyholders’ rights differ at the mutual holding company level from those in the existing company.(e) A description of any stock issuance, including any shares or options to be issued to directors, officers, agents, employees, or employee benefit plans, for their benefit, that will be made in conjunction with the plan of conversion, if any, and the guidelines and parameters which shall apply in the event stock is to be issued, including a detailed discussion of subscription rights that are to be granted to policyholders.(f) Any proposed amendments to the mutual insurer’s articles of incorporation to address the restructuring from a mutual to a stock insurer.(g) Any proposed articles and bylaws of the mutual holding company and any other entities to be created in the reorganization.(h) Financial information.(i) Any other information that the commissioner determines is necessary to make a complete and adequate disclosure to policyholders.Voting shall be by ballot, in person or by proxy. A quorum shall consist of 10 percent of the members of the mutual company entitled to vote at the meeting.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.08 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.08.

4097.08.  Nothing in this article shall be deemed to prohibit the inclusion in the plan of conversion of provisions under which the insurer’s officers, directors, employees, agents, and employee benefit plans for their benefit may be entitled, in accordance with reasonable classifications of those individuals and employee benefit plans as may be included in the plan, to purchase for cash, at the same price as offered to the public in the initial public offering, voting stock not purchased by members upon exercise of subscription rights. Nothing in this code shall be deemed to prohibit the establishment of stock option, incentive, and share ownership plans customary for publicly traded companies in the same and similar industries. The plan may not permit those persons to acquire any of the following:(a) Greater than 25 percent of the voting stock issued pursuant to the plan for a medical malpractice mutual insurer having assets in excess of two hundred million dollars ($200,000,000) or 35 percent for a medical malpractice mutual insurer having assets of two hundred million dollars ($200,000,000) or less.(b) Greater than 25 percent of the stockholders’ equity for a medical malpractice mutual insurer having assets in excess of two hundred million dollars ($200,000,000) or 35 percent for a medical malpractice mutual insurer having assets of less than two hundred million dollars ($200,000,000).(c) Unexercised options that exceed 20 percent of the number of the issued and outstanding shares.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.09 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.09.

4097.09.  No director, officer, agent, or employee of the mutual company shall receive any fee, commission, or other valuable consideration whatsoever, other than regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the commissioner. This provision shall not be deemed to prohibit the payment of reasonable fees and compensation to attorneys at law, accountants, and actuaries for services performed in the independent practice of their professions, even though they may also be directors of the mutual company.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.10 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.10.

4097.10.  At any time before that plan of conversion becomes effective as provided in Section 4097.11, the mutual company may, by resolution of at least two-thirds of the board of directors, amend the plan of conversion or withdraw the plan of conversion. Any plan amendment shall require the written consent of the commissioner. For a plan amendment, all references in this article to the plan of conversion shall be deemed to refer to the plan as amended, but no amendment shall be deemed to change the adoption date of the plan of conversion. No amendment may change the plan of conversion in a manner that the commissioner determines is materially disadvantageous to policyholders of the mutual insurer or members of the mutual holding company, unless a further public hearing is held on the plan as amended, if the amendment is made after the initial public hearing, or if the plan as amended is submitted for reconsideration by the members if the amendment is made after the plan has been approved by the members.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.11 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.11.

4097.11.  (a) Upon consent by the commissioner to the plan of conversion of a mutual insurer and filing of the plan of conversion in accordance with the provisions of this article, the commissioner shall issue a new certificate of authority to the converted insurer. Upon issuance of the certificate of authority to a mutual insurer and subject to subdivision (a) of Section 110 of the Corporations Code, the Secretary of State shall accept for filing the articles of incorporation, certificate of amendment of articles of incorporation, or agreement of merger and officers’ certificates of the converted insurer for the conversion of a mutual insurer. For a plan of conversion that provides for the establishment of a mutual holding company in accordance with Section 4097.05, the Secretary of State shall accept for filing the articles of incorporation of the mutual holding company and the stock holding company. Upon consent to the plan of conversion of a mutual holding company and filing of the plan of conversion in accordance with the provisions of this article, the Secretary of State shall accept for filing the articles of incorporation or certificate of amendment of articles of incorporation of the converted mutual holding company. The plan is effective upon the filing of the articles of incorporation or certificate of amendment of articles of incorporation.(b) Upon the effective date of the plan of conversion of a mutual insurer, the mutual insurer shall immediately become a stock corporation. The converted insurer shall be a continuation of the original mutual insurer, and the conversion shall in no way annul, modify, or change any of the original mutual insurer’s existing suits, rights, contracts, or liabilities except as provided in the approved conversion plan. The insurer, after conversion, shall exercise all the rights and powers and perform all the duties conferred or imposed by law upon insurers writing the classes of insurance written by it, and shall retain the rights and contracts existing prior to conversion, subject to the effect of the plan.(c) Upon the effective date of the plan of conversion of a mutual holding company, all membership interests and rights in surplus are extinguished, members eligible to receive consideration under the plan of conversion are entitled to receive the consideration in exchange for their membership interests and liquidation of their rights in surplus, and the plan otherwise becomes effective in accordance with its terms. The conversion in no way annuls, modifies, or changes any of the converting mutual holding company’s existing suits, rights, contracts, or liabilities, except as provided in the approved plan of conversion.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.14 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.14.

4097.14.  Unless otherwise provided in the plan of conversion, the directors and officers of the mutual company shall serve as directors and officers of the converted company until new directors and officers have been duly elected and qualified pursuant to the articles of incorporation and bylaws of the stock company.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.15 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.15.

4097.15.  (a) Notwithstanding any other provision of law and except as otherwise provided in subdivision (b), actions concerning any plan of conversion, proposed plan of conversion, plan amendment, or proposed plan amendment under this article or any acts taken or proposed to be taken under this article shall be commenced within one year after the plan of conversion or plan amendment is filed in the office of the commissioner pursuant to subdivision (d) of Section 4097.02 or subdivision (a) of Section 4098.1, or six months from the effective date of the plan of conversion, whichever is later. If the plan of conversion is withdrawn, the actions or acts shall be commenced within six months from the date the board of directors approves a resolution to withdraw the plan. If an action concerns or arises out of a plan amendment or proposed plan amendment made under Section 4097.18, the applicable time period is measured from the filing, effective date, or approval of withdrawal of the plan amendment, whichever is later.(b) Judicial review of any act of the commissioner or any other governmental body or officer concerning or arising out of any plan of conversion, proposed plan of conversion, plan amendment, or proposed plan amendment under this article may only be had by filing a petition for a writ of mandate within 30 days of the date of the act. However, any petition seeking judicial review shall be filed no later than 30 days from the effective date of the plan of conversion or plan amendment, whichever is the subject of the petition.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.16 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.16.

4097.16.  The offer or sale of securities, including any debt securities, issued pursuant to the plan of conversion developed and approved in accordance with the provisions of this article, shall be exempt from Article 8 (commencing with Section 820) of Chapter 1 of Part 2 of Division 1.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.17 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.17.

4097.17.  The commissioner shall have the authority from time to time, to make, amend, and rescind any rules and regulations as may be necessary to carry out the provisions of this article. The commissioner shall also have the authority to charge and collect from the insurer for the actual amount of expenses reasonably incurred by the state in discharge of the commissioner’s duties hereunder.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.18 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.18.

4097.18.  Upon completion of the act of conversion and issuance of the certificate of authority under Section 4097.11, the Secretary of State shall accept for filing a verified copy of the amended articles of incorporation.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 4097.20 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 4 - General Mutual Insurers|ARTICLE 10 - Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer|Section 4097.20.

4097.20.  If the name of a mutual insurer converting to a stock insurer pursuant to this article includes the word “mutual,” the new stock insurer may continue to use the word “mutual” in its name if the name includes a word or words that identify the new stock insurer as a stock insurer and the commissioner finds that the continued use of the word “mutual” in its name is not likely to mislead or deceive the public.(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
CA Ins Code § 5050 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5050.

5050.  Two hundred fifty (250) or more persons residing in one county of this State may incorporate for the purpose of forming a mutual fire insurer upon all such persons agreeing to:(a) Secure fire insurance from such insurer when organized through policies to be issued by such insurer having face amounts aggregating one million five hundred thousand dollars ($1,500,000) or more covering their property of the same or greater value. Such insurer shall retain net of reinsurance aggregate amounts on such policies at least equal to such amount.(b) Pay the premium for such insurance immediately upon notification by such insurer that it is prepared to issue such policies providing such insurance.(c) Pay to the insurer immediately upon its incorporation a special deposit of at least one dollar ($1) on each one hundred dollars ($100) of insurance applied for under (a) above, such special deposit to be applied to future premiums payable by such persons either after the expiration of three years or upon the commissioner determining that the insurer has a surplus earned by insurance operations in the amount of at least fifteen thousand dollars ($15,000), whichever occurs first.(Amended by Stats. 1955, Ch. 1250.)
CA Ins Code § 5050.1 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5050.1.

5050.1.  If such persons have not performed all acts and secured all agreements necessary to complete the incorporation of such insurer within one year from the date of their first securing an agreement from any person, all proceedings and agreements in connection with such incorporation shall become null and void and all persons entering into such agreements shall be released therefrom.(Added by Stats. 1955, Ch. 1250.)
CA Ins Code § 5050.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5050.5.

5050.5.  Any county mutual fire insurer heretofore or hereafter incorporated and doing business under the provisions of this chapter may, if it has issued an insurance policy against fire, and as long as it maintains an excess of admitted assets over liabilities of at least fifty thousand dollars ($50,000), endorse such policy to extend the coverage thereof to include insurance of the kinds included in Sections 107, 112, 120 and 122 (excluding liability insurance).(Amended by Stats. 1961, Ch. 473.)
CA Ins Code § 5051 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5051.

5051.  Upon the payment in advance of seven thousand fifty-five dollars ($7,055) to the commissioner for all services to be rendered by him or her in the matter of organization of the insurer, those persons shall file with the commissioner a declaration of their intention to incorporate for the purposes expressed in Section 5050. The declaration shall be signed by all of those persons, and shall contain a copy of the articles of incorporation proposed to be adopted.(Amended by Stats. 2017, Ch. 534, Sec. 54. (AB 1699) Effective January 1, 2018.)
CA Ins Code § 5052 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5052.

5052.  The commissioner shall examine the proposed articles of incorporation. If they conform to this chapter he shall deliver to such persons a certificate permitting them to incorporate such insurer. The certificate shall be directed to the clerk of the county in which such insurer is proposed to be organized and shall contain a copy of the proposed articles of incorporation.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 5053 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5053.

5053.  The duly executed articles of incorporation and a copy of the certificate of the commissioner shall be filed with the Secretary of State in conformity with Section 200 of the Corporations Code. Upon organizing under the articles of incorporation and obtaining from the commissioner a certificate of authority, the county mutual fire insurer may carry on a fire insurance business as provided by this chapter. The term and nature of the certificate of authority, annual renewal fee therefor, the due date and delinquent date of the fee shall be the same as prescribed by Article 3 (commencing with Section 699) of Chapter 1 of Part 2 of Division 1 for stock and mutual insurers governed by that article.(Amended by Stats. 2002, Ch. 221, Sec. 68. Effective January 1, 2003.)
CA Ins Code § 5054 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5054.

5054.  The articles of incorporation and certificate obtained by any county mutual fire insurer operating under the provisions of this chapter are subject to control and modification by the Legislature of this State.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 5055 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5055.

5055.  The by-laws and all amendments thereto shall be filed with the commissioner within sixty days after their adoption.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 5056 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5056.

5056.  Such insurer shall have not less than seven, nor more than 11 directors, a majority of whom shall constitute a quorum to do business.The by-laws or the articles may provide or be amended to provide for either concurrent terms of one year for all directors or staggered terms of not more than five years. If provision is made for staggered terms, such terms shall, except for the first directors elected for staggered terms, be uniform for all directors and so arranged that as nearly equal a number of directors as is feasible shall be elected each year.The directors shall be elected by ballot from the members of the insurer. They shall hold office for the terms for which they were elected, and until their successors are elected and qualified.(Amended by Stats. 1945, Ch. 95.)
CA Ins Code § 5057 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5057.

5057.  The annual meeting of the members of the insurer shall be held on the second Monday of February of each year, unless its board of directors fixes the time for the annual meeting in which event the board may select any day between the second and third Mondays of February.(Amended by Stats. 1941, Ch. 117.)
CA Ins Code § 5058 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5058.

5058.  In the election of the first board of directors each member shall be entitled to one vote. At every subsequent election each member shall be entitled to as many votes as there are directors to be elected.(Amended by Stats. 1941, Ch. 117.)
CA Ins Code § 5059 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 1 - FIRE AND MARINE INSURANCE|CHAPTER 5 - County Mutual Fire Insurers|ARTICLE 1 - Formation and Organization|Section 5059.

5059.  A member may cast his votes in person or by proxy, distributing them among the directors to be elected, or among a less number of the directors, or cumulating them upon one candidate, as he sees fit.(Enacted by Stats. 1935, Ch. 145.)