House Journal: Page 871: Tuesday, March 19, 2002
18 Sec. . Section 508B.13, Code 2001, is amended
19 to read as follows:
20 508B.13 PROHIBITIONS ON CERTAIN OFFERS TO ACQUIRE
21 SHARES.
22 Prior to and for a period of five years following
23 the effective date of the conversion, and in the case
24 of the plans of conversion specified in subsections 1
25 and 3 of section 508B.3, five years following the date
26 of distribution of consideration to the policyholders
27 in exchange for their membership interests, a person,
28 other than the reorganized company, other than an
29 employee benefit plan or employee benefit trust
30 sponsored by the reorganized company, or as otherwise
31 specifically provided for in the plan of conversion,
32 shall not directly or indirectly acquire or offer to
33 acquire the beneficial ownership of more than five
34 percent of any class of voting security of the
35 reorganized company, and a person, other than the
36 reorganized company or other than an employee benefit
37 plan or employee benefit trust sponsored by the
38 reorganized company, who acquires five percent or more
39 of any class of voting security of the reorganized
40 company prior to the conversion or as specifically
41 provided for in the plan of conversion, shall not
42 directly or indirectly acquire or offer to acquire the
43 beneficial ownership of additional voting securities
44 of the reorganized company, unless the acquisition is
45 approved by the commissioner as not being contrary to
46 the interests of the policyholders of the reorganized
47 company or its life insurance company subsidiary and
48 by the board of directors of the reorganized company.
49 The commissioner and the board of directors may
50 consider the factors set forth in section 490.1108.
Page 8
1 The provisions of section 521A.3, except subsection 4,
2 paragraph "a", shall be applicable to a proposed
3 acquisition subject to this section. An approved plan
4 of conversion may include a stock option plan. As
5 used in this section, "beneficial ownership" means,
6 with respect to a security, the sole or shared power
7 to vote or direct the voting of the security or the
8 sole power to dispose or direct the disposition of the
9 security.
10 Sec. . Section 508C.16, unnumbered paragraph 2,
11 Code 2001, is amended to read as follows:
12 Sections 490.850 through 490.858 490.859 apply to
13 the association.
14 Sec. ___. Section 524.801, subsection 7, Code
15 2001, is amended to read as follows:
16 7. To indemnify a director, officer, or employee,
© 2002 Cornell College and
League of Women Voters of Iowa
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