Guaranty capital shares may be retired by vote of the policyholders of the insurer when the insurer’s surplus, over and above all liabilities including guaranty capital, equals or exceeds the amount of the guaranty capital shares. The guaranty capital shares may be retired in part when the insurer’s remaining net surplus and guaranty fund will not thereby be reduced below the amount of original guaranty capital. [PL 1969, c. 132, §1 (NEW).]