North Dakota § 26.1-15.1-15 Conversion of fraternal benefit society into mutual life insurance company

North Dakota Statutes

§ 26.1-15.1-15 — Conversion of fraternal benefit society into mutual life insurance company

North Dakota § 26.1-15.1-15

Title 26.1Insurance

Ch. 26.1-15.1Fraternal Benefit Societies

This text of North Dakota § 26.1-15.1-15 (Conversion of fraternal benefit society into mutual life insurance company) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-15.1-15 (2026).

Text

company.
Any domestic society may be converted and licensed as a mutual life insurance company
by compliance with all the requirements of the insurance laws of this state for mutual life
insurance companies. A plan of conversion must be prepared in writing by the board of directors
setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of
all members of the supreme governing body at a regular or special meeting is necessary for the
approval of the conversion plan. No conversion may take effect until approved by the
commissioner who may approve the conversion if the commissioner finds that the proposed
change conforms to the requirements of law and is not prejudicial to the certificate holders of the
society.

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company.
Any domestic society may be converted and licensed as a mutual life insurance company
by compliance with all the requirements of the insurance laws of this state for mutual life
insurance companies. A plan of conversion must be prepared in writing by the board of directors
setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of
all members of the supreme governing body at a regular or special meeting is necessary for the
approval of the conversion plan. No conversion may take effect until approved by the
commissioner who may approve the conversion if the commissioner finds that the proposed
change conforms to the requirements of law and is not prejudicial to the certificate holders of the
society.