Section 4212. Stock life insurance companies; voting power of policyholders

(a)  (1)  Any domestic stock life insurance company may, by amendment to
  its charter,  confer  upon  its  policyholders,  or  upon  such  of  its
  policyholders  as  shall  have  a specified amount of insurance on their
  lives, the right to vote for all or any less number of directors of such
  company in a manner not inconsistent with this chapter.
    (2)  Such  amendment  shall  take  effect   upon   approval   by   the
  superintendent.  The  superintendent  may give such approval if he finds
  that the proposed change is in conformity with the requirements  of  law
  and  that  the  representation  of  policyholders  therein  conferred is
  equitable and reasonable.
    (3) If the right to vote for all of the directors of such  company  is
  conferred  upon such policyholders, then the election of directors shall
  thereafter be governed by the provisions of subsection  (e)  of  section
  four thousand two hundred ten of this article.
    (b)  This  section  shall  not  apply  to  any  such company which has
  conferred voting power upon policyholders pursuant to any  previous  law
  effective  before  January first, nineteen hundred forty, but the voting
  rights of such policyholders shall  continue  to  be  governed  by  such
  previous law.