Statute · California Insurance Code
Cal. Ins. Code § 11541 — Authority and Requirements to Convert
Cal. Ins. Code § 11541
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 1996-08-19
- Current through
- Nov 2, 2026 (California Legislative Counsel)
No director, officer, agent, or employee of the mutual company shall receive any fee, commission, or other valuable consideration whatsoever, other than regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved…
Citator
Cal. Ins. Code § 11541 — Authority and Requirements to Convert is in force in the current edition of the Code, and nothing recorded condemns it.
No director, officer, agent, or employee of the mutual company shall receive any fee, commission, or other valuable consideration whatsoever, other than regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the commissioner. This provision shall not be deemed to prohibit the payment of reasonable fees and compensation to attorneys at law, accountants, and actuaries for services performed in the independent practice of their professions, even though they may also be directors of the mutual company.