§3422. Purchase of own shares by stock insurer
A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows: [PL 1969, c. 132, §1 (NEW).]
1. For elimination of fractional shares.
[PL 1969, c. 132, §1 (NEW).]
2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.
[PL 1969, c. 132, §1 (NEW).]
3. For the purposes of a general savings and investment plan for employees or agents of the insurer.
[PL 1969, c. 132, §1 (NEW).]
4. For mutualization of the insurer, as provided in section 3472.
[PL 1969, c. 132, §1 (NEW).]
5. For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent shall not approve a plan unless found by him to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer's policyholders.
[PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
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