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.
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