{"law_id":"784287","section_number":"38.2-1012","catch_line":"Jurisdiction to compel completion of mutualization","history":"1954, c. 20, \u00a7 38.1-495.1; 1986, c. 562.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-1012\/","refers_to":false,"url":"\/38.2-1012\/","token":"38.2\/10\/2\/38.2-1012","structure":{"1":{"id":"1409","name":"Conversion Of Domestic Stock Insurer To Mutual Insurer","identifier":"2","label":"article","url":"\/38.2\/10\/2\/"},"2":{"id":"1251","name":"Organization, Admission And Licensing Of Insurers","identifier":"10","label":"chapter","url":"\/38.2\/10\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"784287","structure_id":"1409","full_text":"Whenever (i) a plan of mutualization approved in accordance with the laws of this Commonwealth has been in effect for more than five years, and (ii) the insurer has acquired in the name of its trustees under the plan at least ninety percent of its outstanding stock, and (iii) the plan itself contains no provision for the compulsory completion of mutualization inconsistent with the terms of this article, circuit courts shall have jurisdiction to compel completion of the mutualization of the insurer upon the petition of either the insurer or any stockholder of the insurer.","text":{"0":{"id":"2529756","text":"Whenever (i) a plan of mutualization approved in accordance with the laws of this Commonwealth has been in effect for more than five years, and (ii) the insurer has acquired in the name of its trustees under the plan at least ninety percent of its outstanding stock, and (iii) the plan itself contains no provision for the compulsory completion of mutualization inconsistent with the terms of this article, circuit courts shall have jurisdiction to compel completion of the mutualization of the insurer upon the petition of either the insurer or any stockholder of the insurer.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"1409","name":"Conversion Of Domestic Stock Insurer To Mutual Insurer","identifier":"2","label":"article","url":"\/38.2\/10\/2\/"},"2":{"id":"1251","name":"Organization, Admission And Licensing Of Insurers","identifier":"10","label":"chapter","url":"\/38.2\/10\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"structure_contents":{"0":{"id":"781200","structure_id":"1409","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"},"1":{"id":"791038","structure_id":"1409","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"},"2":{"id":"788598","structure_id":"1409","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"},"3":{"id":"766354","structure_id":"1409","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"},"4":{"id":"790426","structure_id":"1409","section_number":"38.2-1010","catch_line":"How acquired shares held","url":"\/38.2-1010\/","token":"38.2\/10\/2\/38.2-1010"},"5":{"id":"793983","structure_id":"1409","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"},"6":{"id":"784287","structure_id":"1409","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"},"7":{"id":"776362","structure_id":"1409","section_number":"38.2-1013","catch_line":"Venue of proceedings","url":"\/38.2-1013\/","token":"38.2\/10\/2\/38.2-1013"},"8":{"id":"789757","structure_id":"1409","section_number":"38.2-1014","catch_line":"Parties and process","url":"\/38.2-1014\/","token":"38.2\/10\/2\/38.2-1014"},"9":{"id":"773626","structure_id":"1409","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"},"10":{"id":"770364","structure_id":"1409","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"}},"previous_section":{"id":"793983","structure_id":"1409","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"},"next_section":{"id":"776362","structure_id":"1409","section_number":"38.2-1013","catch_line":"Venue of proceedings","url":"\/38.2-1013\/","token":"38.2\/10\/2\/38.2-1013"},"references":false,"formats":{"txt":"\/38.2-1012.txt","json":"\/38.2-1012.json","xml":"\/38.2-1012.xml"},"dublin_core":{"Title":"Jurisdiction to compel completion of mutualization","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1012","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nJURISDICTION TO COMPEL COMPLETION OF MUTUALIZATION (\u00a7 38.2-1012)\n\nWhenever (i) a plan of mutualization approved in accordance with the laws of\nthis Commonwealth has been in effect for more than five years, and (ii) the\ninsurer has acquired in the name of its trustees under the plan at least ninety\npercent of its outstanding stock, and (iii) the plan itself contains no\nprovision for the compulsory completion of mutualization inconsistent with the\nterms of this article, circuit courts shall have jurisdiction to compel\ncompletion of the mutualization of the insurer upon the petition of either the\ninsurer or any stockholder of the insurer.\n\nHISTORY: 1954, c. 20, \u00a7 38.1-495.1; 1986, c. 562."}