                                 CODE OF VIRGINIA

HOW ACQUIRED SHARES HELD (§ 38.2-1010)

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 § 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.

HISTORY: Code 1950, § 38-425; 1952, c. 317, § 38.1-494; 1986, c. 562.