60D.24 INJUNCTIONS, PROHIBITIONS AGAINST VOTING SECURITIES,
SEQUESTRATION OF VOTING SECURITIES.
    Subdivision 1. Injunctions. Whenever it appears to the commissioner that any insurer or any
director, officer, employee, or agent of the insurer has committed or is about to commit a violation
of this chapter or of any rule or order issued by the commissioner, the commissioner may apply
to the district court for the county in which the principal office of the insurer is located or if the
insurer has no such office in this state then to the District Court for Ramsey County for an order
enjoining the insurer or the director, officer, employee, or agent of the insurer from violating or
continuing to violate this chapter or any rule or order, and for other equitable relief as the nature
of the case and the interest of the insurer's policyholders or the public requires.
    Subd. 2. Voting of securities; when prohibited. No security that is the subject of any
agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in
contravention of the provisions of this chapter or of any rule or order issued by the commissioner
may be voted at any shareholder's meeting, or may be counted for quorum purposes, and any
action of shareholders requiring the affirmative vote of a percentage of shares may be taken as
though the securities were not issued and outstanding. No action taken at the meeting shall be
invalidated by the voting of the securities, unless the action would materially affect control of
the insurer or unless the courts of this state have so ordered. If an insurer or the commissioner
has reason to believe that any security of the insurer has been or is about to be acquired in
contravention of the provisions of this chapter or of any rule or order issued by the commissioner,
the insurer or the commissioner may apply to the district court for the county in which the insurer
has its principal place of business to enjoin any offer, request, invitation, agreement, or acquisition
made in contravention of section 60D.16 or any rule or order issued by the commissioner to
enjoin the voting of any security so acquired, to void any vote of the security already cast at any
meeting of shareholders and for other equitable relief as the nature of the case and the interest of
the insurer's policyholders or the public requires.
    Subd. 3. Sequestration of voting securities. In any case where a person has acquired or is
proposing to acquire any voting securities in violation of this chapter or any rule or order issued
by the commissioner, the District Court for Ramsey County or the district court for the county in
which the insurer has its principal place of business may, on such notice as the court considers
appropriate, upon the application of the insurer or the commissioner seize or sequester any voting
securities of the insurer owned directly or indirectly by the person, and issue any order with
respect thereto as may be appropriate to effectuate the provisions of this chapter.
Notwithstanding any other provisions of law, for the purposes of this chapter the sites of the
ownership of the securities of domestic insurers shall be considered to be in this state.
History: 1991 c 325 art 14 s 11