Sec. 3. (a) The members of the converting mutual entitled to vote on the plan of conversion and the amendment to the articles of incorporation shall be given written notice of their opportunity to vote. The notice shall be accompanied by explanatory information concerning the conversion and may be accompanied by proxy solicitation materials.

(b) The form and content of the notice, explanatory information, and any proxy solicitation materials must be provided to the commissioner not less than twenty (20) business days before they are mailed to the members, and the commissioner shall approve or disapprove the form and content of the notice, explanatory materials, and any proxy solicitation materials within fifteen (15) business days after their submission to the commissioner.

(c) The notice and explanatory materials must include the following:

(1) Reference to the applicable statutory provisions.

(2) The date, time, and location of the meeting.

(3) A brief statement of the subject of the meeting.

(4) A copy of the plan of conversion and a summary of the plan.

(5) A copy of the amendment to the articles of incorporation and a summary of the amendment.

(6) A description of the member's right to attend and participate in the meeting.

(7) The definition of the term "eligible member".

(8) A statement that no member will receive consideration as a result of the conversion unless the member continues to be a member of the converting mutual on the effective date of the conversion.

(9) For each form of consideration, a description of the nature and amount of consideration that will be provided to the eligible members upon completion of the conversion and, if reasonably ascertainable by the converting mutual, a description of the nature and amount or approximate amount of consideration to be provided to the particular member to whom the notice is addressed.

As added by P.L.94-1999, SEC.3.