58-37A-15. Conversion into life insurance company--Plan--Approval.
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/sd/title-58/chapter-58-37/58-37a-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any fraternal benefit society incorporated under the laws of the state may reorganize and convert itself into a mutual life insurance company or into a stock life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors setting forth the terms and conditions of conversion. The affirmative vote of two - thirds of all members of the supreme governing body at a regular or special meeting is necessary for the approval of the plan.
No conversion may take effect unless approved by the director who may approve the plan if the director finds that the proposed change conforms to the requirements of law and is not prejudicial to the certificate holders of the society.