§ 8010. Effect of reorganization. Upon the effective date of a plan of
reorganization in accordance with section eight thousand nine of this
article:

(a) the reorganizing insurer shall immediately become a domestic stock
life insurer;

(b) the members of the reorganizing insurer on the effective date
shall immediately become members of the mutual holding company with
membership interests therein, and all membership interests in the
reorganizing insurer shall be extinguished;

(c) persons becoming policyholders of the reorganized insurer after
the effective date of the plan shall become members of the mutual
holding company immediately upon issuance of the policy or contract;

(d) one hundred percent of the voting stock issued by the reorganized
insurer shall be owned, directly or through one or more stock holding
companies, by the mutual holding company, and at no time subsequent
shall such mutual holding company own less than fifty-one percent of
such voting stock; and

(e) any other reorganization of the reorganizing insurer and its
subsidiaries specified in the plan shall become effective in accordance
with the terms of the plan. Except for the right to vote, the rights of
all policyholders with respect to the reorganized insurer thereafter
shall be as specified in their policies or contracts, in the charter of
the reorganized insurer and in the plan of reorganization.