379.625. Certificate to do business.

MISSOURI STATUTES AND CODES

379.625. Certificate to do business.

Certificate to do business.

379.625. 1. If, upon examination made by him, the said director of thedepartment of insurance, financial institutions and professional registrationshall find that the company has been duly reorganized as provided by thischapter, and that its assets, capital, premium notes and investments are suchas set forth in the articles of association required in sections 379.585 to379.625, and that such company is in sound and solvent condition, according tothe insurance statutes of this state, he shall deliver to the officers thereofa certificate to that effect, and an authorization to do business under thegeneral insurance statutes of this state.

2. Thereupon the charter of said company shall be held and shall beconsidered as surrendered, and the articles of association and the generalinsurance statutes of this state substituted in lieu thereof.

3. Any and all special privileges contained in said charter contrary toor not conferred by said articles of association and general insurancestatutes shall cease and determine, and thereafter, unless sooner determinedby proceedings under the general statutes, said company shall continue as acorporation, and possess all the powers and franchises conferred by and besubject to all the provisions of the general insurance statutes of this state,and for the term specified in the articles of association; provided, however,that said company as reorganized shall not be deemed a new corporation, norshall such reorganization, under and by the acceptance of the provisions ofthe general insurance statutes, change or affect the title of said company toits assets, nor change or affect its membership nor its policies of insuranceor other obligations and contracts then existing; but all such shall remain,belong to and be obligatory upon said company as reorganized, in the samemanner and with the same effect as under its charter and before suchreorganization they pertained to and were held by and were obligatory uponsaid company, subject to the general insurance and corporation laws of thisstate.