California Insurance Code

§ 1052

INS § 1052Div. 1 · Part 2 · Ch. 1 · Art. 14

Statute text

Thereupon the commissioner shall:

(a)Pay to each of such shareholders or his assignee or nominee, upon surrender of the shares held by such shareholder, the value of said shares so ascertained; subject, however, to the restrictions of subdivisions (d) and (e) of section 1047, and subject, also, to the terms and conditions of the mutualization plan as approved or modified.

(b)Appoint, with the approval of the court, the requisite number of directors in whom shall thereafter be vested the control and management of the assets and business of such insurer until their successors shall have been elected and qualified.

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Legislative history

Amended by Stats. 1935, Ch. 291.