299.300 Ascertainment and payment of interest of policyholders dissenting to
215 words·~1 min read·
/ky/299-300A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
change -- Additional reserve fund.
(1)The commissioner, upon request and the payment to him of the usual fees, shall
ascertain and certify the proportionate interest, in the assets of the cooperative or
assessment company before its reorganization, of each of the policyholders of the
cooperative or assessment company who refuse, within six
(6)months after notice,
to assent to the change into a stock or mutual company. The interest of a member so
dissenting shall not be valued at more than his proportionate part of the
accumulated emergency fund, to be determined by the commissioner as of the date
of the reorganization.
(2)The amount of the interest of each such dissenting policyholder shall be paid over to
the commissioner on demand within thirty
(30)days after ascertainment, and upon
the payment or tender of the amount of interest so ascertained and certified the
membership of the dissenting policyholder shall cease.
(3)Out of the remainder of the assets in excess of the sum required for the
compensation of dissenting policyholders, there shall be deposited with the
custodian of insurance securities, under the laws providing for the deposit of legal
reserve, a sum equal to such reserve, as computed by the commissioner, in addition
to the deposit of $100,000 provided for by KRS 299.250.