|
|
|
IC 27-15-12-1
Delay of distribution
Sec. 1. All or part of the consideration to be distributed to some
or all of the eligible members may be delayed by more than six (6)
months following the effective date of the plan of conversion if:
(1) the plan of conversion includes a provision for the
establishment of a trust for that purpose; and
(2) one (1) or more of the following claims have been asserted
against a converting mutual and remain unresolved at the
effective date of the plan of conversion:
(A) A claim seeking the imposition of a constructive or
charitable trust on assets of the converting mutual for the
benefit of policyholders, members, or other identified or
unidentified persons.
(B) A claim seeking distribution or return of assets, or other
form of compensation, from the converting mutual to
policyholders, members, or other identified or unidentified
persons.
(C) A claim that arises out of or relates to the ownership
interest of members of the converting mutual, or to the value
of their ownership interests, including any claim that
challenges a statutory transaction engaged in by the
converting mutual before the effective date of the plan of
conversion.
As added by P.L.94-1999, SEC.3.
IC 27-15-12-2
Formation of trust under trust agreement; beneficiaries;
satisfaction of claims; reports
Sec. 2. (a) At the effective date of the plan of conversion, assets
adequate to satisfy a claim described in section 1 of this chapter,
consisting of the consideration that otherwise would be distributed
directly to eligible members, must be placed in trust under a trust
agreement in a form approved by the commissioner. The trustee or
trustees of the trust shall:
(1) be appointed by the board of directors of the converting
mutual, subject to disapproval of any trustee by the
commissioner; and
(2) consist of one (1) or more institutions authorized by Indiana
law to act as corporate trustees.
(b) The beneficiaries of the trust:
(1) are the eligible members who, in the absence of the claims,
would have been entitled to the consideration placed in the
trust; and
(2) may consist of all of the eligible members or specified
classes or groups of eligible members.