{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1015.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1015.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1015.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1015.html"}],"law_id":64632,"edition_id":1,"section_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","history":"1954, c. 20, \u00a7 38.1-495.4; 1986, c. 562.","full_text":"The court shall determine the per share fair cash value as of the date of the filing of the petition of the stock remaining in the hands of the public. If the court finds that on that basis, completion of mutualization may not be effected without jeopardizing the solvency of the insurer or the security of its policyholders, the petition shall be dismissed. Otherwise, the court shall enter an appropriate decree to require (i) the payment into court by the insurer of the aggregate amount due the remaining stockholders, with any interest and costs, which may include attorneys’ fees that the court may require, and (ii) the transfer and delivery to the insurer of all stock certificates still outstanding in the hands of the public. Upon payment by the insurer, the trustees under the plan of mutualization shall be considered, for all purposes of the plan of mutualization, to have acquired all of its outstanding stock. The holders of the stock shall possess no further right with respect to the stock, except to receive its fair cash value as determined by the court. The court shall retain jurisdiction over the distribution of the funds.","order_by":null,"text":{"0":{"id":235216,"text":"The court shall determine the per share fair cash value as of the date of the filing of the petition of the stock remaining in the hands of the public. If the court finds that on that basis, completion of mutualization may not be effected without jeopardizing the solvency of the insurer or the security of its policyholders, the petition shall be dismissed. Otherwise, the court shall enter an appropriate decree to require (i) the payment into court by the insurer of the aggregate amount due the remaining stockholders, with any interest and costs, which may include attorneys’ fees that the court may require, and (ii) the transfer and delivery to the insurer of all stock certificates still outstanding in the hands of the public. Upon payment by the insurer, the trustees under the plan of mutualization shall be considered, for all purposes of the plan of mutualization, to have acquired all of its outstanding stock. The holders of the stock shall possess no further right with respect to the stock, except to receive its fair cash value as determined by the court. The court shall retain jurisdiction over the distribution of the funds.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1015\/","history_text":"

This law was first created in 1954. The record of its establishment is cataloged in chapter 20 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1954 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":210975,"object_type":"law","relational_id":64632,"identifier":"38.2-1015","token":"38.2\/10\/2\/38.2-1015","url":"\/38.2-1015\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1015\/","token":"38.2\/10\/2\/38.2-1015","dublin_core":{"Title":"Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1015","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The court<\/span> shall determine the per share fair cash value as of the date of the filing of the petition<\/span> of the stock remaining in the hands of the public. If the court<\/span> finds that on that basis, completion of mutualization may not be effected without jeopardizing the solvency of the insurer<\/span> or the security of its policyholders, the petition<\/span> shall be dismissed. Otherwise, the court<\/span> shall enter an appropriate decree<\/span> to require (i) the payment into court<\/span> by the insurer<\/span> of the aggregate amount due the remaining stockholders, with any interest and costs, which may include attorneys’ fees that the court<\/span> may require, and (ii) the transfer and delivery to the insurer<\/span> of all stock certificates still outstanding in the hands of the public. Upon payment by the insurer<\/span>, the trustees under the plan of mutualization shall be considered, for all purposes of the plan of mutualization, to have acquired all of its outstanding stock. The holders of the stock shall possess no further right with respect to the stock, except to receive its fair cash value as determined by the court<\/span>. The court<\/span> shall retain jurisdiction<\/span> over the distribution of the funds.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDETERMINING VALUE OF STOCK OUTSTANDING; DISMISSAL OF PETITION OR ENTRY OF DECREE\nREQUIRING PAYMENT FOR AND TRANSFER OF STOCK (\u00a7 38.2-1015)\n\nThe court shall determine the per share fair cash value as of the date of the\nfiling of the petition of the stock remaining in the hands of the public. If the\ncourt finds that on that basis, completion of mutualization may not be effected\nwithout jeopardizing the solvency of the insurer or the security of its\npolicyholders, the petition shall be dismissed. Otherwise, the court shall enter\nan appropriate decree to require (i) the payment into court by the insurer of\nthe aggregate amount due the remaining stockholders, with any interest and\ncosts, which may include attorneys’ fees that the court may require, and\n(ii) the transfer and delivery to the insurer of all stock certificates still\noutstanding in the hands of the public. Upon payment by the insurer, the\ntrustees under the plan of mutualization shall be considered, for all purposes\nof the plan of mutualization, to have acquired all of its outstanding stock. The\nholders of the stock shall possess no further right with respect to the stock,\nexcept to receive its fair cash value as determined by the court. The court\nshall retain jurisdiction over the distribution of the funds.\n\nHISTORY: 1954, c. 20, \u00a7 38.1-495.4; 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}}