§ 26-29-215 — 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 the general insurance laws for mutual
life insurance companies. A plan of conversion shall 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 (2/3) of all members of the supreme governing
body at a regular or special meeting is necessary for the
approval of the plan. No conversion shall take effect unless
and until approved by the commissioner who may give approval if
the commissioner finds that the proposed change is in conformity
with the requirements of law and not prejudicial to the
certificate holders of the society.