17:45A-7 - Rights against association not affected by conversion; exception - New Jersey Statutes

17:45A-7.  Rights against association not affected by conversion; exception
    The conversion of an association into a mutual life insurance company shall  not affect the right of any creditor or member of any such association, but all  rights of all persons against such association before its conversion shall  continue unaffected and shall be enforced against the mutual life insurance  company in the same manner they could have been enforced against the  association had its conversion not taken place; except that all rights of assessment, or reduction in benefits in lieu of assessment, prescribed in the certificate of incorporation or by-laws of the mutual benefit association, or provided for in any certificate, policy or contract of such association, shall be canceled.   "Assessment,"  as used herein, means the right to require the payment of a sum in addition to the weekly or other periodical dues, contributions, premiums and fees required under the terms of any certificate, policy or contract.

     L.1955, c. 230, p. 892, s. 7.