Oklahoma § 36-660.12 - Initial shares — Majority of voting shares

§ 36-660.12. Initial shares — Majority of voting shares

A. As used in this section:

1. "Intermediate holding company" means a holding company that:

a.

is a subsidiary of a mutual holding company formed to

reorganize a mutual insurance company, and

b.

directly or through a subsidiary intermediate holding

company, owns the resulting company; and

2. "Majority of the voting shares of the capital stock" means

shares of the capital stock of a company that carry the right to

cast a majority of the votes entitled to be cast by all of the

outstanding shares of the capital stock of the company on all

matters submitted to a vote of the shareholders of the company.

B. All of the initial shares of the capital stock of the

resulting company shall be issued to the mutual holding company.

C. The mutual holding company shall at all times own a majority

of the voting shares of the capital stock of the resulting company

or of an intermediate holding company established to hold the voting

shares of the resulting company. The requirements of this

subsection may be satisfied by indirect ownership through one or

more intermediate holding companies in a corporate structure

approved by the Oklahoma Insurance Commissioner.

D. The mutual holding company or intermediate holding company

may not convey, transfer, assign, pledge, subject to a security

Oklahoma Statutes - Title 36. Insurance

interest or lien, encumber, or otherwise hypothecate or alienate the

majority of the voting shares of the capital stock that is required

to be owned under subsection C of this section.

E. A violation of subsection D of this section is void in

inverse chronological order from the date of the conveyance or

activity as to the shares necessary to constitute a majority of the

voting shares of the capital stock.

Added by Laws 2024, c. 194, § 12, eff. Nov. 1, 2024.