IC 27-14.5-3-2: Required vote of board of directors in favor of issuing stock

Sec. 2. A plan to issue stock under this chapter must be adopted:

(1) by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company; or

(2) in the case of a plan to issue shares of stock that is not concurrent with the formation of the mutual insurance holding company, by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance holding company and the reorganized insurer or intermediate stock holding company proposing to issue the stock.