§ 4466 - Existing voluntary associations; may incorporate - Vermont Statutes

§ 4466. Existing voluntary associations; may incorporate

(a) After one year from November 22, 1959, no unincorporated or voluntary association shall be permitted to transact business in this state as a fraternal benefit society.

(b) Any domestic voluntary association now authorized to transact business in this state may incorporate and shall receive from the commissioner of banking, insurance, securities, and health care administration a permanent certificate of incorporation as a fraternal benefit society when:

(1) it has completed its conversion to an incorporated society not later than one year from November 22, 1959;

(2) it has filed its articles of incorporation and has satisfied the other requirements described in section 4464 of this title; and

(3) the commissioner of banking, insurance, securities, and health care administration has made such examination and procured whatever additional information he believes advisable.

(c) Every voluntary association so incorporated shall incur the obligations and enjoy the benefits thereof the same as though originally incorporated, and the corporation shall be deemed a continuation of the original voluntary association. The officers thereof shall serve through their respective terms as provided in its original articles of association, but their successors shall be elected and serve as provided in its articles of incorporation. Incorporation of a voluntary association shall not affect existing suits, claims or contracts. (1959, No. 197, § 6, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)