§ 58-24-70. Conversion of fraternal benefit society into mutual life insurance company. - North Carolina Statutes

§58‑24‑70.  Conversion of fraternal benefit society into mutual lifeinsurance company.

Any domestic fraternal benefitsociety may be converted and licensed as a mutual life insurance company bycompliance with all the requirements of the general insurance laws for mutuallife insurance companies.  A plan of conversion shall be prepared in writing bythe board of directors setting forth in full the terms and conditions ofconversion.  The affirmative vote of two‑thirds of all members of thesupreme governing body at a regular or special meeting shall be necessary forthe approval of such plan.  No such conversion shall take effect unless anduntil approved by the Commissioner who may give such approval if theCommissioner finds that the proposed change is in conformity with therequirements of law and not prejudicial to the certificateholders of thesociety. (1987, c. 483, s. 2; 1991, c. 720, s. 4.)