Section 1553 Of Article 16. Merger Of Certain Reciprocal Insurers From California Insurance Code >> Division 1. >> Part 2. >> Chapter 3. >> Article 16.
1553
. When the plan and agreement has been approved by the
commissioner, with any changes required by him or her, it shall
require the approval of each domestic reciprocal insurer that is a
party to the transaction by not less than two-thirds of the votes
cast by its subscribers represented in person or by proxy at a
meeting called to consider the plan and agreement. At least 30 days
before the day fixed for the meeting, notice of the meeting and its
purpose shall be given to the subscribers at their addresses
appearing on the books maintained at the home office of the insurer.
With respect to subscribers whose addresses do not appear on the
books of the insurer, notice shall be deemed to have been given if
published at least once in some newspaper of general circulation in
the county in which the principal office of the insurer is located.
At the meeting, the presence in person or by proxy of 10 percent of
the subscribers of the insurer shall constitute a quorum. In the
absence of a quorum, the subscribers present at the meeting in person
or by proxy may adjourn the meeting to a later date. If the meeting
is adjourned to the next business day, no further notice need be
given of the date to which the meeting is adjourned. If the meeting
is adjourned to a date later than the next business day, notice of
the date to which the meeting is adjourned shall be given to the
subscribers at least 15 days prior to the adjourned meeting date.