Section 8: Conversion to mutual life insurance company
201 words·~1 min read·
/ma/part-i/title-xxii/chapter-176/8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 8. Any domestic society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of chapter one hundred and seventy-five relating to the financial requirements of mutual life insurance companies if such plan of conversion has been approved by the commissioner. Such plan shall be prepared in writing setting forth in full the terms and conditions thereof. The board of directors shall submit such plan to the supreme legislative or governing body of such society at any regular or special meeting thereof, by giving a full, true and complete copy of such plan, with the notice of such meeting.
Such notice shall be given as provided in the laws of the society for the convocation of a regular or special meeting of such body, as the case may be. The affirmative vote of two thirds of all members of such body shall be necessary for the approval of such agreement. No such conversion shall take effect unless and until approved by the commissioner who may give such approval if he finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.