Section 376.1309

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 28 Aug 1996   

  376.1309.  Member's interest — nontransference of membership — immunity from liability — assessments, not imposed — security, membership interest. — 1.  The membership interest of the policyholders of a reorganized life insurance company shall become membership interests in the mutual holding company.  Policyholders of the reorganized life insurance company shall be members of the mutual holding company in accordance with the articles of incorporation and bylaws of the mutual holding company and the applicable provisions of this chapter relating to mutual life insurance companies.

  2.  No member of a mutual holding company may transfer membership in the holding company or any right arising from such membership.

  3.  A member of a mutual holding company is not, as a member, personally liable for the acts, debts, liabilities or obligations of the company.

  4.  No assessments of any kind may be imposed upon the members of a mutual holding company by the directors or members, or because of any liability of any company owned or controlled by the mutual holding company or because of any act, debt or liability of the mutual holding company itself.

  5.  A membership interest in a domestic mutual holding company shall not constitute a security under the laws of this state.

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(L. 1996 S.B. 759)