Allocation of subscription rights to employee benefit plan.

Sec. 5913. The plan may allocate to a tax-qualified employee benefit plan subscription rights to purchase up to 10% of the capital stock of the converted stock company or the stock of another corporation that is participating in the conversion plan, as provided in section 5905(1)(c)( i )(A), (B), or (C). This employee benefit plan is entitled to exercise its subscription rights regardless of the total number of shares purchased by other persons. History: Add. 1995, Act 215, Imd. Eff. Nov. 29, 1995; Am. 2000, Act 8, Imd. Eff. Feb. 25, 2000