Unless otherwise provided in the plan of conversion, the directors and officers of the mutual company shall serve as directors and officers of the converted company until new directors and officers have been duly elected and qualified pursuant to the articles of incorporation and bylaws of the stock company.
Cal. Ins. Code § 4097.14
Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer
Added by Stats. 1998, Ch. 421, Sec. 4
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.