1. At the time and place designated, the proposition as to the surrender of the charter, adoption of the general insurance statutes in lieu thereof, reorganization thereunder, increase of stock, if necessary, and adoption of the proposed articles of association, as submitted or amended, shall be voted upon.

2. If a stock company, the assent of the persons holding all of the stock issued by the company, and then outstanding, or if it be a mutual company, the assent of all the policyholders, and if the company be a stock and mutual company, the assent of all the stockholders and of the policyholders in the mutual department, shall be requisite for the adoption of the propositions submitted; and, in addition, any company doing a stock and mutual business may submit and determine in the same manner and decide upon continuing either of the two plans of insurance and discontinuing the other.