(a) A stock acquisition plan must:
(1) be adopted by a vote of a majority of the directors of the corporation at a directors' meeting called for that purpose;
(2) be approved by a vote of shareholders representing a majority of the capital stock at a meeting of shareholders called for that purpose;
(3) enable each shareholder to dispose of the same proportion of the shareholder's holdings at the same price per share and on the same terms as any other shareholder;
(4) be approved by a vote of the majority of the policyholders eligible under Section 825.054 to participate at a meeting of the policyholders called for that purpose; and
(5) be submitted to the commissioner and approved by the commissioner in writing.
(b) If the purchase price for the company's acquisition of shares of its capital stock is not set by the stock acquisition plan, each payment for those shares is subject to the commissioner's approval.