Virginia § 38.2-1009 - Payment for shares pursuant to conversion plan
Full text of Virginia Code of Virginia § 38.2-1009 — Payment for shares pursuant to conversion plan, with citation guidance and answers to common questions.
§ 38.2-1009. Payment for shares pursuant to conversion plan
Every payment for the acquisition of any shares of the capital stock of the insurer, the purchase price of which is not fixed by the plan, shall be subject to the approval of the Commission. Neither the plan, nor any payment under the plan, nor any payment not fixed by the plan, shall be approved by the Commission if the making of the payment reduces the surplus to policyholders to an amount less than that required at that time for the licensure of domestic mutual insurers.
Code 1950, § 38-423; 1952, c. 317, § 38.1-492; 1986, c. 562.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 38.2-1009
What does Code of Virginia § 38.2-1009 cover?
Section 38.2-1009 ("Payment for shares pursuant to conversion plan") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 38.2-1009?
A common citation format is "Code of Virginia § 38.2-1009" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-1009 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.