§ 4469 — Conversion of fraternal benefit society into mutual life insurance company

Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of sections 3366, 3423-3425, 3701-3711 of this title if such plan of conversion is approved by the Commissioner of Financial Regulation. The plan shall be prepared in writing setting forth in full the terms and conditions thereof. The board of directors shall submit the plan to the supreme legislative or governing body of the society at any regular or special meeting thereof, by giving a full, true, and complete copy of the plan with the notice of the meeting. The notice shall be given as provided in the laws of the society for the convocation of a regular or special meeting of the body, as the case may be. The affirmative vote of two-thirds of all members of the body shall be necessary for the approval of the agreement. No conversion may take effect until approved by the Commissioner of Financial Regulation who may give the approval if he or she finds that the proposed change is in conformity with law and not prejudicial to the certificate holders of the society. (Added 1959, No. 197, § 9, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)