Section 1049 Of Article 14. Proceedings In Cases Of Insolvency And Delinquency From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 14.
1049
. Each policyholder of such insurer shall be entitled to one
vote, regardless of the amount for which, or the number of policies
under which, he is insured. Such mutualization plan shall be deemed
approved by the said policyholders if a majority of the policyholders
voting for and against it shall have approved it, and shall be
deemed rejected if a majority of the policyholders voting for and
against it shall have rejected it. In the event that said plan of
mutualization is rejected by the policyholders of such insurer, the
commissioner shall certify the fact of such rejection to said court,
whereupon he may proceed further as hereinbefore provided in this
article.