Oklahoma § 36-2418 Legal reserve life insurance company, conversion into;

Oklahoma Statutes

§ 36-2418 — Legal reserve life insurance company, conversion into;

Oklahoma § 36-2418

Title 36Insurance

This text of Oklahoma § 36-2418 (Legal reserve life insurance company, conversion into;) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 36, § 36-2418 (2026).

Text

adoption of plan. Any mutual benefit association may convert itself into a stock legal reserve life insurance company under an amended charter. The plan of conversion shall be adopted at any regular annual policyholders' meeting of such association. Amended articles of incorporation providing for such conversion shall be adopted at the same meeting and shall be in the form as set out in either Section 2105, Article 21 of this Code and shall provide for a minimum capital stock of One Hundred Thousand Dollars ($100,000.00) or in the form of Section 2502, Article 25, of this Code, and shall provide for a minimum capital stock of Fifty Thousand Dollars ($50,000.00); provided, however, such conversion may be accomplished by paying up twenty per cent (20%) of the capital required by either of su

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adoption of plan. Any mutual benefit association may convert itself into a stock legal reserve life insurance company under an amended charter. The plan of conversion shall be adopted at any regular annual policyholders' meeting of such association. Amended articles of incorporation providing for such conversion shall be adopted at the same meeting and shall be in the form as set out in either Section 2105, Article 21 of this Code and shall provide for a minimum capital stock of One Hundred Thousand Dollars ($100,000.00) or in the form of Section 2502, Article 25, of this Code, and shall provide for a minimum capital stock of Fifty Thousand Dollars ($50,000.00); provided, however, such conversion may be accomplished by paying up twenty per cent (20%) of the capital required by either of such sections at the time of such reorganization and not less than twenty per cent (20%) additional of the required amount each year thereafter until the full amount has been paid in. In the event the capital stock is not increased as herein provided the same shall be deemed to be impaired and the Insurance Commissioner shall proceed against the company as provided by law in such cases.