614.73 Merger and consolidation of fraternals.
212 words·~1 min read·
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614.73 Merger and consolidation of fraternals.
(1)Authorization, domestic fraternals. Any 2 or more domestic fraternals may merge or consolidate under the provisions of subs.
(3)and
(4).
(2)Authorization, domestic and nondomestic fraternals. Any 2 or more domestic and nondomestic fraternals may merge or consolidate under the provisions of sub.
(5).
(3)Procedure for domestic fraternals. The supreme governing body of each domestic fraternal proposing to merge or consolidate shall:
(a)At least 60 days prior to the proposed action submit the text of the proposed contract to its members in the manner provided by s. 614.29
(4);
(b)Approve the proposed consolidation or merger by a two-thirds vote; and
(c)File with the commissioner a certified copy of the written contract containing in full the terms and conditions of the consolidation or merger, a sworn statement by the president and secretary or corresponding officers of each fraternal showing the financial condition of each on a date to be fixed by the commissioner but no earlier than the December 31 of the year preceding the proposed contract, and evidence of compliance with pars.
(a)and
(b).
(4)Issuance of certificate by commissioner. The commissioner shall issue a certificate approving the merger or consolidation, upon a finding that: