500.1368 Voting securities in violation of chapter; sequestration of securities.
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500.1368 Voting securities in violation of chapter; sequestration of securities.
Sec. 1368.
When a person has acquired or is proposing to acquire any voting securities in violation of this chapter or any rule or order issued by the commissioner, the circuit court for Ingham county or the circuit court for the county in which the insurer has its principal place of business, on such notice as the court deems appropriate, upon the application of the insurer or the commissioner, may seize or sequester any voting securities of the insurer owned directly or indirectly by such person and issue such orders with respect thereto as may be appropriate.
Notwithstanding any other provisions of law, for the purposes of this chapter the situs of the ownership of the securities of domestic insurers is deemed to be in this state.
History: Add. 1970, Act 136, Imd. Eff. July 29, 1970
Popular Name: Act 218