IC 27-5.1-2-21 — Merger; plan; policyholder notice
Chapter 2. Farm Mutual Insurance Companies
Section text
Sec. 21. (a) Two (2) or more farm mutual insurance companies may merge into one (1) farm mutual insurance company upon approval of a merger plan by the policyholders of each farm mutual insurance company as provided in subsection (b). (b) Before a merger described in subsection (a) may take place: (1) the board of directors of each farm mutual insurance company must approve a merger plan; and (2) the merger plan must be approved by the affirmative vote of two-thirds (2/3) of the policyholders of each farm mutual insurance company who vote in person or by proxy. (c) Before a meeting at which a proposed merger under this section may be considered: (1) the policyholders of a farm mutual insurance company for which the merger is proposed must be provided, by first class mail: (A) written notice of the date, time, and location of the meeting; (B) written notice that a proposed merger will be discussed and voted on at the meeting; and (C) a copy or summary of the merger plan; and (2) a general notice stating: (A) the date, time, and location of the meeting; and (B) that a proposed merger or transfer will be discussed and voted on at the meeting; must be published in a newspaper of general circulation in the county in which the principal office of the farm mutual insurance company is located.
As added by P.L.129-2003, SEC.8.
Source: official publisher (2026 edition)