{"data":{"id":"us-ky/krs-304.37-150","jurisdiction":"us-ky","citation":"KRS 304.37-150","heading":"Voting rights of holder of security acquired in contravention of chapter","body":"or action of commissioner -- Legal actions to enjoin voting and to seize or\nsequester security.\n(1) No security which is the subject of any agreement or arrangement regarding\nacquisition, or which is acquired or to be acquired, in contravention of the\nprovisions of this chapter or of any rule, administrative regulation, or order issued\nby the commissioner may be voted at any shareholders' meeting, or may be counted\nfor quorum p urposes, and any action of shareholders requiring the affirmative vote\nof a percentage of shares may be taken as though the securities were not issued and\noutstanding; but no action taken at the meeting shall be invalidated by the voting of\nthe securities,  unless the action would materially affect control of the insurer or\nunless the courts of this state have so ordered. If an insurer or the commissioner has\nreason to believe that any security of the insurer has been or is about to be acquired\nin contravent ion of the provisions of this chapter or of any rule, administrative\nregulation, or order issued by the commissioner, the insurer or the commissioner\nmay apply to the Circuit Court for the county in which the insurer has its principal\nplace of business to enjoin any offer, request, invitation, agreement, or acquisition\nmade in contravention of KRS 304.37 -130 or any other provision of this chapter, or\nany rule, administrative regulation, or order issued by the commissioner to enjoin\nthe voting of any securit y so acquired, to void any vote of the security already cast\nat any meeting of shareholders, and for any other equitable relief as required by the\nnature of the case and the interest of the insurer's policyholders, creditors,\nshareholders, or the public.\n(2) In any case where a person has acquired or is proposing to acquire any voting\nsecurities in violation of this chapter or any rule, administrative regulation, or order\nissued by the commissioner, the Circuit Court for Franklin County or the Circuit\nCourt for the county in which the insurer has its principal place of business may,\nupon notice the court deems appropriate, upon the application of the insurer or the\ncommissioner seize or sequester any voting securities of the insurer owned directly\nor indirec tly by the person, and issue the appropriate order to effectuate the\nprovisions of this subtitle.\n(3) Notwithstanding any other provisions of law, for the purposes of this chapter the\nsitus of the ownership of the securities of domestic insurers shall be deemed to be in\nthis state.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29944","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:56Z","sha256":"21dad209c0140bc51aff39f1912d8b78becaf48ad796b04c2511ad0997f3368c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.37-140","next":"us-ky/krs-304.37-160"},"notice":"GroundRules: Original legal text. Not legal advice."}