Costs and expenses.
All costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company from the proceeds of the offering; provided, that if the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(h), the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.
Annotations
May 24, 1996, D.C. Law 11-126, § 14, 43 DCR 1551 Apr. 3, 2001, D.C. Law 13-214, § 2(g), 47 DCR 9580 “All the costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company except where the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(e). In those cases, the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.” D.C. Law 13-214 rewrote the section which had read: 1981 Ed., § 35-4213.
Sourced from the DC Council Open Law Library (public domain).
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