(3)__Members of the mutual holding company are deemed to hold class 8 claims with respect to the mutual holding company under section 4379.

C.__The name of a mutual holding company must contain the word "mutual" and may not contain the words "insurance," "assurance" or "annuity."__The mutual holding company's powers may not include doing insurance business.__The articles of incorporation of a mutual holding company must contain provisions stating that:

(1)__It is "a mutual holding company organized under the Maine Revised Statutes, Title 24-A, section 3488";

(2)__A purpose of the mutual holding company is to hold, directly or through one or more stock holding companies, not less than 51% of the voting stock of a reorganized insurer;

(3)__It is not authorized to issue voting stock;

(4)__It is not authorized to conduct any business other than that of a holding company, except for the acquisition, ownership, management and disposition of its assets and all reasonably related actions; and

(5)__Its members have the rights specified in, and are subject to, sections 3360, 3361, 3362, 3363, 3488, this section, the mutual holding company's articles of incorporation and its bylaws.

D.__At least a majority of the directors of the mutual holding company and any related stock holding company and any committee of the board of directors of the mutual holding company and of any related stock holding company must be outside directors.

E.__Each time voting stock of the reorganized insurer or any related stock holding company is offered in a public offering for a price payable in cash, each policyholder of the reorganized insurer must receive, without payment, nontransferable subscription rights to purchase that voting stock at the same price and in accordance with procedures approved by the superintendent as fair and equitable.