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27-15-12-1. Delay of distribution

IN Code § 27-15-12-1 (2019) (N/A)
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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.

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27-15-12-2. Formation of trust under trust agreement; beneficiaries; satisfaction of claims; reports