27-35-3
Section 27-35-3 Conversion into stock or mutual life insurance company - Notice to subordinate
lodges or branches. After the plan of conversion has been approved by the commissioner, the
society shall mail notice by registered or certified mail to all of its subordinate lodges
or branches, by whatever name called, stating that a proposal will be made at a meeting of
the supreme governing or legislative body of the society, to be held at least 90 days after
the mailing of the notice, to convert the society into a stock or mutual life insurer and
enclosing a copy of the proposed plan of conversion. (Acts 1927, No. 537, p. 624; Acts 1971,
No. 407, p. 707, §729.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-3.htm - 973 bytes - Match Info - Similar pages

27-35-4
Section 27-35-4 Conversion into stock or mutual life insurance company - Ratification or amendment
of articles of incorporation - Generally. Pursuant to the notice provided for in Section 27-35-3,
the supreme governing or legislative body shall adopt a resolution authorizing the conversion
of the society into a stock or mutual insurer, as the case may be, and shall ratify articles
of incorporation, if the society is then unincorporated, or amend the society's articles of
incorporation if it is then incorporated, to comply with the requirements of this title. (Acts
1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §730.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-4.htm - 934 bytes - Match Info - Similar pages

27-35-2
Section 27-35-2 Conversion into stock or mutual life insurance company - Plan of conversion;
approval or disapproval thereof. (a) The proposed plan for the conversion of the society into
a stock or mutual life insurer shall be prepared in writing, setting forth in full the terms
and conditions thereof. After approval of the plan by the society's board of directors, the
society shall file the plan of conversion with the commissioner. (b) If, upon examination
thereof, the commissioner is of the opinion that the plan is complete, is in compliance with
the law, is fair and equitable to the certificate holders and interests of the society and
that no reasonable objection thereto exists, he shall approve the plan; if he finds otherwise,
the commissioner shall disapprove the plan. If not disapproved and written notice thereof
given the society within 30 days after the date of filing with the commissioner, the plan
shall be deemed to have been approved as of the expiration of such 30 days'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-2.htm - 1K - Match Info - Similar pages

27-34-17
Section 27-34-17 Amendment of articles of incorporation, constitution, or laws. (a) A domestic
society may amend its articles of incorporation, constitution, or laws in accordance with
the provisions thereof by action of its supreme legislative or governing body at any regular
or special meeting thereof or, if its articles of incorporation, constitution, or laws so
provide, by referendum. Such referendum may be held in accordance with the provisions of its
articles of incorporation, constitution, or laws by the vote of the voting members of the
society, by the vote of delegates or representatives of voting members, or by the vote of
local lodges or branches. No amendment submitted for adoption by referendum shall be adopted
unless, within six months from the date of submission thereof, a majority of all of the voting
members of the society shall have signified their consent to such amendment by one of the
methods specified in this subsection. (b) No amendment to the articles of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-17.htm - 3K - Match Info - Similar pages

27-27-44
Section 27-27-44 Conversion of mutual insurer into stock insurer. (a) A mutual insurer may
become a stock insurer under such plan and procedure as may be approved by the commissioner
after a hearing thereon. (b) The commissioner shall not approve any such plan or procedure
unless: (1) It is equitable to the insurer's members; (2) It is subject to approval by vote
of not less than three-fourths of the insurer's current members voting thereon in person,
by proxy, or by mail at a meeting of members called for the purpose pursuant to such reasonable
notice and procedure as may be approved by the commissioner; if a life insurer, right to vote
may be limited to members who hold policies other than term or group policies and whose policies
have been in force for not less than one year; (3) The equity of each policyholder in the
insurer is determinable under a fair formula approved by the commissioner, which such equity
shall be based upon not less than the insurer's entire surplus, after...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-44.htm - 3K - Match Info - Similar pages

27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1) No person
other than the issuer shall make a tender offer for or a request or invitation for tenders
of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in
the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.htm - 17K - Match Info - Similar pages

27-35-1
Section 27-35-1 Conversion into stock or mutual life insurance company - Authority; how effected.
Any fraternal benefit society organized under the laws of this state may convert itself into
a stock life insurance company or a mutual life insurance company, which may be a continuation
of such society under an amended charter, if such society is then incorporated, or a new corporation
formed for such purpose if such society is then unincorporated. In either event, the conversion
of such society into a stock life insurance company or a mutual life insurance company shall
be effected as provided in this chapter. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407,
p. 707, §727.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-1.htm - 986 bytes - Match Info - Similar pages

27-35-8
Section 27-35-8 Conversion into stock or mutual life insurance company - Completion; effect.
(a) When a fraternal benefit society has complied with the provisions of this chapter and
with the laws of this state relating to domestic stock life insurers or domestic mutual life
insurers, as the case may be, and has received from the commissioner a certificate of authority
to transact business in this state, its reorganization and conversion into such stock insurer
or mutual insurer shall be complete. (b) The reorganized and converted corporation shall be
deemed in law to be a continuation of the fraternal benefit society, whether the reorganization
and conversion shall have been accomplished by the formation of a new corporation or by the
amendment of the certificate of incorporation of the former society; and such reorganized
and converted corporation shall succeed to, and become invested with, all and singular, the
rights, privileges, franchises, and all property, real, personal, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-8.htm - 1K - Match Info - Similar pages

27-34-2
Section 27-34-2 Societies deemed operating on lodge system. A society having a supreme legislative
or governing body and subordinate lodges or branches, by whatever name known, into which members
are elected, initiated, or admitted in accordance with its constitution, laws, ritual, and
rules, which subordinate lodges or branches are required by the laws of the society to hold
regular meetings at least once in each month shall be deemed to be operating on the lodge
system. (Acts 1911, No. 476, p. 700; Acts 1931, No. 55, p. 71; Acts 1971, No. 407, p. 707,
§673.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-2.htm - 872 bytes - Match Info - Similar pages

27-35-7
Section 27-35-7 Conversion into stock or mutual life insurance company - Provisions for certificate
holders to subscribe to stock. If the fraternal benefit society is to be converted into a
stock life insurer, the plan of conversion shall make reasonable provisions under which each
adult certificate holder of the society shall have the preemptive right to subscribe to and
purchase that proportion of the total authorized capital which the amount of his insurance
bears to the society's total insurance in force at a date to be specified in such plan; except,
that if more than 75 percent of the society's adult certificate holders are residents of this
state, such preemptive right may, in the commissioner's discretion, under the plan be limited
to such residents. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §733.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-7.htm - 1K - Match Info - Similar pages