{"data":{"id":"us-ky/krs-304.37-535","jurisdiction":"us-ky","citation":"KRS 304.37-535","heading":"Capital stock.","body":"(1) The majority of the voting shares of the capital stock of the reorganized insurance\ncompany, which is required by KRS 304.37 -505 to be at all times owned by a\nmutual insurance holding company, shall not be conveyed, transferred, assigned,\npledged, subjecte d to a security interest or lien, encumbered, or otherwise\nhypothecated or alienated by the mutual insurance holding company or intermediate\nholding company.\n(2) Any conveyance, transfer, assignment, pledge, security interest, lien, encumbrance,\nhypothecation, or alienation of, in, or on the majority of the voting shares of the\nreorganized insurance company, which is required by KRS 304.37 -505 to be at all\ntimes owned by a mutual insurance holding company, is in violation of KRS\n304.37-505, and shall be voi d in inverse chronological order of the date of the\nconveyance, transfer, assignment, pledge, security interest, lien, encumbrance,\nhypothecation, or alienation, as to the shares necessary to constitute a majority of\nthe voting shares.\n(3) The majority of the voting shares of the capital stock of the reorganized insurance\ncompany, which is required by KRS 304.37 -505 to be at all times owned by a\nmutual insurance holding company, shall not be subject to execution and levy as\nprovided in KRS Chapter 426.\n(4) The shares of the capital stock of the surviving or new company resulting from a\nmerger or consolidation of two (2) or more reorganized insurance companies or two\n(2) or more intermediate holding companies which were subsidiaries of the same\nmutual insuran ce holding company are subject to the same requirements,\nrestrictions, and limitations as provided in this section to which the shares of the\nmerging or consolidating reorganized insurance companies or intermediate holding\ncompanies were subject by KRS 304.37-505, prior to the merger or consolidation.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29952","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:56Z","sha256":"366eb4302abbe5e9e7c7e7bd463d4d52887acbea12d34444c18409a611c76b54","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.37-530","next":"us-ky/krs-304.37-540"},"notice":"GroundRules: Original legal text. Not legal advice."}