40-775. Same; preservation of rights of members, policyholders and creditors of society as obligations of new corporation; appointment of commissioner as process agent. - Kansas Statutes

40-775

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

      40-775.   Same; preservation of rights of members, policyholders andcreditors of society as obligations of new corporation; appointment ofcommissioner as process agent.The rights of all members, policyholders and creditors, andthe standing of all claims under the former fraternal benefit society shallbe preserved unimpaired under the new corporation, and all debts,liabilities and duties of the former fraternal benefit society shallthenceforth attach to the reorganized corporation and may be enforcedagainst it to the same extent as if the debts and liabilities had beenincurred or contracted by the new corporation, and all outstanding benefitcertificates or policies issued by the fraternal benefit society shall bevalid obligations of the new corporation without the issuance of newpolicies. There shall be filed an instrument appointing the commissionerof insurance and the commissioner's successor or successors in office thetrue and lawful attorney of such company for service of process, containingthe same provisions and having the same effect as the instrument requiredby K.S.A. 40-777.

      History:   L. 1988, ch. 154, § 38; Jan. 1, 1989.