Sec. 2. A plan to issue stock under this chapter must be adopted: (1) by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company; or (2) in the case of a plan to issue shares of stock that is not concurrent with the formation of the mutual insurance holding company, by a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance holding company and the reorganized insurer or intermediate stock holding company proposing to issue the stock.
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