                                 CODE OF VIRGINIA

PAYMENT FOR SHARES PURSUANT TO CONVERSION PLAN (§ 38.2-1009)

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.

HISTORY: Code 1950, § 38-423; 1952, c. 317, § 38.1-492; 1986, c. 562.