LegalFix

Section 19j - Withdrawal or Amendment of Plan of Reorganization

MA Gen L ch 175 § 19j (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Section 19J. At any time before the plan of reorganization becomes effective as provided in subsections (a) to (n), inclusive, of section 19K, the mutual insurer may, by vote of a three-fourths majority of the board of directors, withdraw or amend the plan of reorganization. Any such plan amendment shall require the written consent of the commissioner. For a plan amendment, all references in sections 19F to 19W, inclusive, to the plan of reorganization shall be deemed to refer to the plan as amended, but no amendment shall be deemed to change the adoption date of the plan of reorganization. No amendment may change the plan of reorganization in a manner that the commissioner determines is prejudicial to the policyholders of the reorganizing insurer, unless a further hearing is held on the plan as amended, if the amendment is made after the initial public hearing, or unless the plan as amended is submitted for reconsideration by the members, if the amendment is made after the plan has been approved by the members.

LegalFix

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.

We have updated our Terms of Service, Privacy Policy, and Disclosures. By continuing to browse this site, you agree to our Terms of Service, Privacy Policy, and Disclosures.
Section 19j - Withdrawal or Amendment of Plan of Reorganization