{"data":{"id":"us-ky/krs-304.24-623","jurisdiction":"us-ky","citation":"KRS 304.24-623","heading":"Acquisition of beneficial ownership of voting securities after","body":"conversion.\n(1) Except as specifically provided in the plan of conversion, for a period of five (5)\nyears following the effective date of the conversion, no person or persons acting in\nconcert, other than the former mutual, any affiliate, any employee benefit plans, or\ntrusts sponsored by the former mutual or affiliate, shall directly or indirectly offer to\nacquire or acquire in any manner the beneficial ownership of five percent (5%) or\nmore of any class of a voting security of the former mutual or any affiliate company\nwithout the prior approval by the commissioner of a statement filed by that person\nwith the commissioner. The statement shall contain the information required by\nKRS 304.37-120(2) and any other information required by the commissioner.\n(2) The commissioner shall not approve the acquisition if the commissioner finds that:\n(a) The requirements of KRS 304.37-120(4)(a) have not been satisfied;\n(b) The acquisition will frustrat e the fair and equitable plan of conversion as\napproved by the members and the commissioner;\n(c) The acquisition or change of control will result in unjust enrichment of the\nacquiring persons to the detriment of the eligible members of the converting\nmutual; and\n(d) The acquisition would not be in the best interest of the present and future\npolicyholders of the former mutual, without regard to any interest of\npolicyholders as shareholders of the former mutual or any affiliate company.\n(3) The requirements of this section shall be in addition and supplemental to any other\nfilings or approvals required by this chapter or otherwise by law.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29591","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"3d70ac2c4bda4e7f2d2c381232121607daa6c96fea0f1cdec66c0f83be7fb534","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-621","next":"us-ky/krs-304.24-625"},"notice":"GroundRules: Original legal text. Not legal advice."}