{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1010.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1010.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1010.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1010.html"}],"law_id":69061,"edition_id":1,"section_id":69061,"structure_id":15461,"section_number":"38.2-1010","catch_line":"How acquired shares held","history":"Code 1950, \u00a7 38-425; 1952, c. 317, \u00a7 38.1-494; 1986, c. 562.","full_text":"Until all shares are acquired, the acquired shares shall be held in trust for the policyholders of the insurer as provided in this article and shall be assigned and transferred on the books of the insurer to not less than three nor more than five trustees and shall be held by them in trust. Shares transferred to the trustees shall be voted by them at all corporate meetings at which stockholders have the right to vote until all of the capital stock of the insurer is acquired. The trustees shall be appointed and vacancies in the office of trustee shall be filled as provided in the plan adopted under \u00a7 38.2-1006. The trustees shall file with the insurer and with the Commission a verified acceptance of their appointment and a declaration that they will faithfully discharge their duties as such trustees.","order_by":null,"text":{"0":{"id":249993,"text":"Until all shares are acquired, the acquired shares shall be held in trust for the policyholders of the insurer as provided in this article and shall be assigned and transferred on the books of the insurer to not less than three nor more than five trustees and shall be held by them in trust. Shares transferred to the trustees shall be voted by them at all corporate meetings at which stockholders have the right to vote until all of the capital stock of the insurer is acquired. The trustees shall be appointed and vacancies in the office of trustee shall be filled as provided in the plan adopted under \u00a7 38.2-1006. The trustees shall file with the insurer and with the Commission a verified acceptance of their appointment and a declaration that they will faithfully discharge their duties as such trustees.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15461,"edition_id":1,"name":"Conversion of Domestic Stock Insurer to Mutual Insurer","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 03:55:12","date_modified":"2026-06-26 03:55:12","permalink":{"id":210937,"object_type":"structure","relational_id":15461,"identifier":"2","token":"38.2\/10\/2","url":"\/38.2\/10\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12858,"edition_id":1,"name":"Organization, Admission and Licensing of Insurers","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210851,"object_type":"structure","relational_id":12858,"identifier":"10","token":"38.2\/10","url":"\/38.2\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66586,"structure_id":15461,"section_number":"38.2-1006","catch_line":"Conversion of a domestic stock insurer to a mutual insurer","url":"\/38.2-1006\/","token":"38.2\/10\/2\/38.2-1006","metadata":false},{"id":63106,"structure_id":15461,"section_number":"38.2-1007","catch_line":"Notice to policyholders of meeting to approve conversion","url":"\/38.2-1007\/","token":"38.2\/10\/2\/38.2-1007","metadata":false},{"id":60389,"structure_id":15461,"section_number":"38.2-1008","catch_line":"Conduct of and voting at meeting","url":"\/38.2-1008\/","token":"38.2\/10\/2\/38.2-1008","metadata":false},{"id":60066,"structure_id":15461,"section_number":"38.2-1009","catch_line":"Payment for shares pursuant to conversion plan","url":"\/38.2-1009\/","token":"38.2\/10\/2\/38.2-1009","metadata":false},{"id":69061,"structure_id":15461,"section_number":"38.2-1010","catch_line":"How acquired shares held","url":"\/38.2-1010\/","token":"38.2\/10\/2\/38.2-1010","metadata":false},{"id":80248,"structure_id":15461,"section_number":"38.2-1011","catch_line":"Disposition of dividends after payments provided in conversion plan","url":"\/38.2-1011\/","token":"38.2\/10\/2\/38.2-1011","metadata":false},{"id":65293,"structure_id":15461,"section_number":"38.2-1012","catch_line":"Jurisdiction to compel completion of mutualization","url":"\/38.2-1012\/","token":"38.2\/10\/2\/38.2-1012","metadata":false},{"id":72720,"structure_id":15461,"section_number":"38.2-1013","catch_line":"Venue of proceedings","url":"\/38.2-1013\/","token":"38.2\/10\/2\/38.2-1013","metadata":false},{"id":81422,"structure_id":15461,"section_number":"38.2-1014","catch_line":"Parties and process","url":"\/38.2-1014\/","token":"38.2\/10\/2\/38.2-1014","metadata":false},{"id":64632,"structure_id":15461,"section_number":"38.2-1015","catch_line":"Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock","url":"\/38.2-1015\/","token":"38.2\/10\/2\/38.2-1015","metadata":false},{"id":58891,"structure_id":15461,"section_number":"38.2-1016","catch_line":"Amendment of charter and bylaws; change of name; retirement and cancellation of stock; when mutualization effective; assets and liabilities; officers and directors; general restrictions and powers","url":"\/38.2-1016\/","token":"38.2\/10\/2\/38.2-1016","metadata":false}],"previous_section":{"id":60066,"structure_id":15461,"section_number":"38.2-1009","catch_line":"Payment for shares pursuant to conversion plan","url":"\/38.2-1009\/","token":"38.2\/10\/2\/38.2-1009","metadata":false},"next_section":{"id":80248,"structure_id":15461,"section_number":"38.2-1011","catch_line":"Disposition of dividends after payments provided in conversion plan","url":"\/38.2-1011\/","token":"38.2\/10\/2\/38.2-1011","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1010\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562.<\/p>","references":false,"refers_to":[{"id":66586,"section_number":"38.2-1006","catch_line":"Conversion of a domestic stock insurer to a mutual insurer","order_by":null,"url":"\/38.2-1006\/"}],"permalink":{"id":210955,"object_type":"law","relational_id":69061,"identifier":"38.2-1010","token":"38.2\/10\/2\/38.2-1010","url":"\/38.2-1010\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1010\/","token":"38.2\/10\/2\/38.2-1010","dublin_core":{"Title":"How acquired shares held","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1010","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Until all shares are acquired, the acquired shares shall be held in trust for the policyholders of the insurer<\/span> as provided in this article and shall be assigned and transferred on the books of the insurer<\/span> to not less than three nor more than five trustees and shall be held by them in trust. Shares transferred to the trustees shall be voted by them at all corporate meetings at which stockholders have the right to vote until all of the capital stock of the insurer<\/span> is acquired. The trustees shall be appointed and vacancies in the office of trustee shall be filled as provided in the plan adopted under \u00a7 38.2-1006<\/a>. The trustees shall file with the insurer<\/span> and with the Commission<\/span> a verified acceptance of their appointment and a declaration that they will faithfully discharge their duties as such trustees.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nHOW ACQUIRED SHARES HELD (\u00a7 38.2-1010)\n\nUntil all shares are acquired, the acquired shares shall be held in trust for\nthe policyholders of the insurer as provided in this article and shall be\nassigned and transferred on the books of the insurer to not less than three nor\nmore than five trustees and shall be held by them in trust. Shares transferred\nto the trustees shall be voted by them at all corporate meetings at which\nstockholders have the right to vote until all of the capital stock of the\ninsurer is acquired. The trustees shall be appointed and vacancies in the office\nof trustee shall be filled as provided in the plan adopted under \u00a7 38.2-1006.\nThe trustees shall file with the insurer and with the Commission a verified\nacceptance of their appointment and a declaration that they will faithfully\ndischarge their duties as such trustees.\n\nHISTORY: Code 1950, \u00a7 38-425; 1952, c. 317, \u00a7 38.1-494; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}