§ 2418. Legal reserve life insurance company, conversion into--Adoption of plan
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 2418
§ 2418. Legal reserve life insurance company, conversion into--Adoption of plan
Any mutual benefit association may convert itself into a stock legal reserve life insurance company under an amended charter. The plan of conversion shall be adopted at any regular annual policyholders' meeting of such association. Amended articles of incorporation providing for such conversion shall be adopted at the same meeting and shall be in the form as set out in either Section 2105, Article 21 of this Code1 and shall provide for a minimum capital stock of One Hundred Thousand Dollars ($100,000.00) or in the form of Section 2502, Article 25, of this Code,2 and shall provide for a minimum capital stock of Fifty Thousand Dollars ($50,000.00); provided, however, such conversion may be accomplished by paying up twenty percent (20%) of the capital required by either of such sections at the time of such reorganization and not less than twenty percent (20%) additional of the required amount each year thereafter until the full amount has been paid in. In the event the capital stock is not increased as herein provided the same shall be deemed to be impaired and the Insurance Commissioner shall proceed against the company as provided by law in such cases.
Credits
Laws 1957, p. 322, § 2418, operative July 1, 1957.
36 Okl. St. Ann. § 2418, OK ST T. 36 § 2418
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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