KANSAS STATUTES AND CODES

40-771. Same; adoption of resolution by delegates to supreme legislative body; certificate to be filed with commissioner by directors of society; contents.

40-771

Chapter 40.--INSURANCE Article 7.--FRATERNAL BENEFIT SOCIETIES

40-771. Same; adoption of resolution by delegates to supremelegislative body; certificate to be filed with commissioner by directors ofsociety; contents.If, pursuant to such notice and convening of the regular orspecial meeting of the supreme legislative body, there shall be adopted aresolution by delegates representing lodges which comprise not less than60% of the total membership of the society, authorizing the conversion ofthe fraternal benefit society into a mutual or stock life insurancecompany, the directors of such society shall file with the commissioner ofinsurance and the secretary of state a certificate setting forth the following:

(a) The name of the society, and the new name of the corporation by which itshall thereafter be known. If the new name of the corporation shallchange from the former name of the society, it shall not adopt the samename as that of any other society or life insurance company doing businessin this state or a name similar to that of any other such society or lifeinsurance company doing business in this state;

(b) the objective of the corporation;

(c) the location of its principal offices, which must be within thestate of Kansas, and the names of the principal officers of suchcorporation, who shall serve until their successors are elected and qualified;

(d) the period, if any, for the duration of the corporation;

(e) the amount of the capital stock authorized, if any, and the numberof shares into which it is divided, and the amount of capital stock to beimmediately paid in, which shall not be less than $100,000 and generallycomply with the laws of the state of Kansas governing the organization ofinsurance companies; and

(f) any other provisions which the supreme or governing body may chooseto insert to protect the membership of the retiring society and insure thebusiness and the conduct of the affairs of the new corporation.

History: L. 1988, ch. 154, § 34; Jan. 1, 1989.