Section 11541 Of Chapter 14. Conversion Of An Incorporated Mutual Life Or Life And Disability Insurer Into An Incorporated Stock Life Insurer Issuing Policies On A Reserve Basis From California Insurance Code >> Division 2. >> Part 2. >> Chapter 14.
11541
. No director, officer, agent, or employee of the mutual
company shall receive any fee, commission, or other valuable
consideration whatsoever, other than regular salary and compensation,
for in any manner aiding, promoting, or assisting in the conversion
except as set forth in the plan approved by the commissioner. This
provision shall not be deemed to prohibit the payment of reasonable
fees and compensation to attorneys at law, accountants, and actuaries
for services performed in the independent practice of their
professions, even though they may also be directors of the mutual
company.