§ 27-8-3-5 — Reincorporation of domestic assessment plan companies; exceptions

Any domestic corporation, association, or
society, transacting business of life or accident or life and accident
insurance and providing for the payment of total and permanent
disability claims to living members, upon the assessment plan, may be
reincorporated or reorganized under the provisions of this chapter
under its existing corporate name, by filing with the insurance
commissioner a declaration of their desire to do so, signed and duly
acknowledged by a majority of its board of directors, trustees, or
managers, with a statement in like manner signed and acknowledged
by them that such corporation, association, or society, having insured
the lives or provided for the payment of accident indemnity, has
accumulated the fund required by section 7 of this chapter, or having
engaged in the business of accident insurance only, has accumulated
the fund required by section 11 of this chapter, and that such funds are
safely invested and held for the purposes for which the same were
accumulated, as provided in the bylaws of such corporation, association
or society, whereupon the commissioner, if approved by him, shall file
the same, together with his certificate of such approval, with the
secretary of state, who shall issue to such corporation, association, or
society a certificate of such reincorporation or reorganization, under the
seal of the state, and attach thereto copies of all papers so filed with the
secretary of state, and the same shall be recorded in the office of the
secretary of state, and copies thereof filed in the office of the
commissioner, and such corporation, association, or society shall
thereupon be deemed to be reincorporated and reorganized under the
provisions of this chapter. It shall not be obligatory upon any such
existing corporation, association or society to incorporate or
reincorporate under this chapter, and any such domestic corporation,
association, or society may continue to exercise all the rights, powers,
and privileges not inconsistent with this chapter, pursuant to its articles
of incorporation or association, the same as if incorporated or
reincorporated under this chapter.
Formerly: Acts 1897, c.195, s.5. As amended by P.L.252-1985,
SEC.279.