Prior to implementation of a plan of conversion adopted by a mutual company, no person shall knowingly acquire, or make any offer, or make any announcement of an offer, for any security issued, or to be issued, by the mutual company in connection with its plan of conversion, or for any security issued by any other company authorized as an alternative for purposes of effecting the conversion pursuant to § 31-906(e), except in compliance with the maximum purchase limitations imposed by § 31-906(l) or the terms of the plan of conversion as approved by the Commissioner.
Legislative History of Laws Law 13-13, the "Insurance Demutualization Amendment Act of 1999," was introduced in Council and assigned Bill No. 13-38, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on March 2, 1999, and April 13, 1999, respectively. Signed by the Mayor on April 27, 1999, it was assigned Act No. 13-58 and transmitted to both Houses of Congress for its review. D.C. Law 13-13 became effective on July 17, 1999. DC CODE § 31-905.01 Current through December 11, 2012
(May 24, 1996, D.C. Law 11-126, § 6a, 43 DCR 1551, as added July 17, 1999, D.C. Law 13-13, § 2(a), 46 DCR 4428.)