377.450. Acceptance of provisions of regular life law--not to affect past contracts. - Missouri Statutes

Acceptance of provisions of regular life law--not to affect pastcontracts.

377.450. 1. Any domestic life or accident insurance corporation,company or association existing or doing business in this state under thestipulated premium plan law, may, by a majority vote of its directors ortrustees, accept the provisions of sections 376.010 to 376.670, RSMo, andamend its articles of incorporation and its bylaws to conform to said law, thesame as if it had originally been incorporated thereunder, and shall submit arecord of the proceedings of its board of trustees, together with the amendedarticles, to the attorney general for his examination and approval of thelegal form thereof, and shall file such amended articles in the office of thesecretary of state and a certified copy of same in the office of the directorof the department of insurance, financial institutions and professionalregistration, and deposit with said director such securities as may berequired of corporations originally incorporated under sections 376.010 to376.670, RSMo.

2. Insurance corporations, companies and associations complying with theprovisions of this section shall thereafter enjoy and exercise all of therights and privileges accorded by law to companies originally incorporatedunder sections 376.010 to 376.670, RSMo.

3. Compliance with this section shall in no wise annul, modify or changeany of the existing contracts or obligations of the corporation, and any andall such contracts and liabilities shall continue in force and effect the sameas if such corporation had not reincorporated under the provisions of thissection; compliance with the provisions of this section shall in no wayprejudice, impede or impair any pending action, proceeding or rightspreviously acquired.

(RSMo 1939 § 5887)

Prior revisions: 1929 § 5776; 1919 § 6186; 1909 § 6980