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Conversion of fraternal benefit societies into mutual life insurance companies
Insurance (ISC) CHAPTER 28, ARTICLE 73
§ 7304. Conversion of fraternal benefit societies into mutual life
insurance companies. Any domestic fraternal benefit society, as defined
in subsection (a) of section four thousand five hundred one of this
chapter, may be converted into and licensed as a mutual life insurance
company, to furnish the kinds of benefits authorized by such section, by
compliance with all the requirements of section four thousand two
hundred eight of this chapter if such plan of conversion has been
approved by the superintendent. Such plan shall be submitted to the
superintendent in writing and shall set forth in full the terms and
conditions thereof. The board of directors or other executive body
charged with responsibility for management of the society's affairs
shall, after adopting the plan, submit it to the supreme governing body
of such society at any regular or special meeting thereof, by giving a
full, true and correct copy of such plan with notice of such meeting.
Such notice shall be given as provided in the laws of the society for
the convocation of such supreme governing body in regular or special
session, as the case may be. The affirmative votes of two-thirds of all
members of such supreme governing body shall be necessary for the
approval of such plan. The superintendent may give his approval if he
finds that the proposed conversion conforms to the requirements of law
and is not prejudicial to the certificate holders of the society.