§ 8018. Other requirements applicable to a stock holding company and a\nmutual holding company. (a) From and after the effective date of the\nplan, the mutual holding company shall hold, directly or through one or\nmore stock holding companies, at least fifty-one percent of the issued\nand outstanding voting stock of the reorganized insurer. The reorganized\ninsurer and any stock holding company may issue to the mutual holding\ncompany and to other persons securities, including voting stock,\nnon-voting stock and securities convertible into voting or non-voting\nstock, provided that, such issuance and the terms of such issuance shall\nhave received the prior approval of the superintendent, who shall\nconsider the interests of the mutual holding company and its members and\nwho may require that, at the time of such issuance, consideration be\ndistributed to members. For purposes of the fifty-one percent\nlimitation, any issued and outstanding securities of the reorganized\ninsurer or any stock holding company that are convertible into voting\nstock shall be considered issued and outstanding voting stock.\n (b) A mutual holding company and any stock holding company shall each\nbe deemed to be a "holding company" of the reorganized insurer within\nthe meaning of article fifteen of this chapter, and all provisions of\narticle fifteen of this chapter shall apply to transactions occurring\nbetween the mutual holding company, the stock holding company and the\nreorganized insurer. Approval of the plan of reorganization by the\nsuperintendent pursuant to this article shall constitute approval of the\nacquisition of control by a mutual holding company and any stock holding\ncompany under section one thousand five hundred six of this chapter, the\nregistration by the reorganized insurer as a controlled insurer under\nsection one thousand five hundred three of this chapter and notice of\nthe acquisition of shares of the reorganized insurer under section four\nthousand two hundred three of this chapter.\n (c) Outside directors of the mutual holding company, a stock holding\ncompany or the reorganized insurer shall not own beneficially, in the\naggregate, more than three percent of the voting stock of the stock\nholding company or the reorganized insurer.\n (d) In no event shall any person, directly or indirectly, offer to\nacquire or acquire in any manner beneficial ownership of more than\nfifteen percent of any class of voting securities of the reorganized\ninsurer, any stock holding company or any other institution which owns\ndirectly or indirectly a majority or all of the voting securities of the\nreorganized insurer without the prior approval of the superintendent.\n (e) Any issuance of voting stock or securities convertible into voting\nstock or options for the purchase of voting stock of the reorganized\ninsurer or the stock holding company prior to an initial public\noffering, private equity placement, or the issuance of public or private\nvoting stock or securities convertible into voting stock of the\nreorganized insurer or stock holding company or any other type of\ncapital raised shall be subject to the approval of the superintendent as\nto the proposed valuation of such stock or securities, the\nsuperintendent may impose conditions upon such approval, and all\nexpenses of the superintendent's review, including without limitation\nthose of outside consultants in reviewing such proposed valuation, shall\nbe borne by the issuing company.\n (f) In the event of an initial public offering, a stock holding\ncompany or reorganized insurer may not repurchase capital stock within\none year following the date of such initial public offering, except that\nrepurchases of no greater than five percent of the outstanding stock may\nbe repurchased during this one year period without the approval of the\nsuperintendent.\n (g) In the event of any violation of this section, or of any action\nwhich, if consummated, might constitute such a v
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