Continuity of Ownership definition
Continuity of Ownership of a stated percentage means that the SEC Persons who were the direct or indirect owners of the outstanding Common Stock and Voting Securities of the Company immediately before such Reorganization Transaction became, immediately after the consummation of such Reorganization Transaction, the direct or indirect owners of both the stated percentage of the then-outstanding common stock of the Surviving Corporation and Voting Securities representing the stated percentage of the combined voting power of the then-outstanding Voting Securities of the Surviving Corporation, in substantially the same respective proportions as such Persons' ownership of the Common Stock and Voting Securities of the Company immediately before such Reorganization Transaction.
Continuity of Ownership of a stated percentage means
(a) if at the relevant time Mutual is a mutual life insurance holding company, the Persons who were the members of Mutual immediately before a Reorganization Transaction became, immediately after the consummation of such Reorganization Transaction, the direct or indirect owners of Voting Securities of the Surviving Corporation representing the stated percentage of the combined voting power of the then outstanding Voting Securities of the Surviving Corporation, in substantially the same respective proportions as such Person's ownership of Voting Securities of Mutual immediately before such Reorganization Transaction, and
(b) if at the relevant time Mutual is a stock company, the Persons who were the direct or indirect owners of the outstanding common stock and Voting Securities of Mutual immediately before such Reorganization Transaction became, immediately after the consummation of such Reorganization Transaction, the direct or indirect owners of both the stated percentage of the then-outstanding common stock of the Surviving Corporation and Voting Securities representing the stated percentage of the combined voting power of the then-outstanding Voting Securities of the Surviving Corporation, in substantially the same respective proportions as such Persons' ownership of the common stock and Voting Securities of Mutual immediately before such Reorganization Transaction.