Vermont § 4855 - Merger or conversion
Full text of Vermont Vermont Statutes Online § 4855 — Merger or conversion, with citation guidance and answers to common questions.
§ 4855. Merger or conversion
- (a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of
its subscribers who vote on such merger pursuant to due notice and the approval of
the Commissioner of the terms therefor, may merge with another reciprocal insurer
or be converted to a stock or mutual insurer. (b) Such a stock or mutual insurer shall be subject to the same capital or surplus requirements
and shall have the same rights as a like domestic insurer transacting like kinds of
insurance. (c) The Commissioner shall not approve any plan for merger or conversion that is inequitable
to subscribers, or that, if for conversion to a stock insurer, does not give each
subscriber preferential right to acquire stock of the proposed insurer proportionate
to his or her interest in the reciprocal insurer as determined in accordance with
section 4854 of this chapter and a reasonable length of time within which to exercise
such right. (Added 1971, No. 31, § 1, eff. March 31, 1971.)
Frequently Asked Questions About Vermont § 4855
What does Vermont Statutes Online § 4855 cover?
Section 4855 ("Merger or conversion") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 4855?
A common citation format is "Vermont Statutes Online § 4855" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 4855 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.