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27-35-9
Section 27-35-9 Conversion into stock or mutual life insurance company - Preservation of debts,
liabilities, and duties. Rights of creditors and all liens upon the property of the former
fraternal benefit society shall be preserved unimpaired after the society's conversion, and
the former fraternal benefit society shall be deemed to continue in existence in order to
preserve the same; and all debts, liabilities, and duties of the former fraternal benefit
society shall thenceforth attach to the reorganized and converted corporation and may be enforced
against it to the same extent as if said debts, duties, and liabilities had been incurred
or contracted by it. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §735.)...
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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...
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27-35-10
Section 27-35-10 Conversion into stock or mutual life insurance company - Obligation to holders
of policies or certificates; pending actions. (a) The reorganized and converted corporation
shall be obligated to carry out and perform all of the obligations of every kind and character
owing by the former fraternal benefit society to the holders of its policies or beneficial
certificates, and the same may be enforced against it to the same extent as if the policies
and beneficial certificates had been issued by it after such conversion. (b) Any pending actions
wherein the former fraternal benefit society was a party shall be unaffected by the conversion
thereof and shall be prosecuted by or against such reorganized and converted corporation the
same as if the conversion had not taken place. (Acts 1927, No. 537, p. 624; Acts 1971, No.
407, p. 707, §736.)...
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10A-1-6.01
Section 10A-1-6.01 Definitions. In this division: (1) "Delegate" means a person who
is serving or who has served as a representative of an enterprise at the request of that enterprise
at another enterprise. A person is a delegate to an employee benefit plan if the performance
of the person's official duties to the enterprise also imposes duties on or otherwise involves
service by the person to the plan or participants in or beneficiaries of the plan. (2) "Enterprise"
means a domestic entity or an organization subject to this article, including a predecessor
domestic entity or organization. (3) "Expenses" includes court costs and attorney's
fees. The term does not include a judgment, a penalty, a settlement, a fine, or an excise
or similar tax or an excise tax assessed against the person regarding an employee benefit
plan. (4) "Former governing person" means a person who was a governing person of
an enterprise. (5) "Official capacity" means: (A) with respect to a governing person,
the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-6.01.htm - 3K - Match Info - Similar pages
27-35-11
Section 27-35-11 Conversion into stock or mutual life insurance company - Separate record of
premiums; exemption from premium taxes. The insurer, after conversion from a fraternal benefit
society, shall maintain separate records of premiums received by it on account of policies
and certificates originally issued while a fraternal benefit society and continuing in force
without material change as to form or basis of premium. All such premiums shall be exempt
from premium taxes to the same extent, if any, as to which exempted if currently received
by a domestic fraternal benefit society. (Acts 1971, No. 407, p. 707, §737.)...
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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.)...
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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.)...
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10A-2A-9.15
Section 10A-2A-9.15 Effect of conversion. (a) When a conversion takes effect: (1) all property
and contract rights owned by the converting organization remain vested in the converted organization
without transfer, reversion, or impairment, and the title to any property vested by deed or
otherwise in the converting organization shall not revert or be in any way impaired by reason
of the conversion; (2) all debts, obligations, or other liabilities of the converting organization
continue as debts, obligations, or other liabilities of the converted organization and neither
the rights of creditors, nor the liens upon the property of the converting organization shall
be impaired by the conversion; (3) an action or proceeding pending by or against the converting
organization continues as if the conversion had not occurred and the name of the converted
organization may, but need not, be substituted for the name of the converting organization
in any pending action or proceeding; (4) except as...
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10A-8A-9.05
Section 10A-8A-9.05 Effect of conversion. (a) When a conversion takes effect: (1) all property
and contract rights owned by the converting organization remains vested in the converted organization
without transfer, reversion, or impairment and the title to any property vested by deed or
otherwise in the converting organization shall not revert or be in any way impaired by reason
of the conversion; (2) all debts, obligations, or other liabilities of the converting organization
continue as debts, obligations, or other liabilities of the converted organization and neither
the rights of creditors, nor the liens upon the property of the converting organization shall
be impaired by the conversion; (3) an action or proceeding pending by or against the converting
organization continues as if the conversion had not occurred and the name of the converted
entity may, but need not, be substituted for the name of the converting entity in any pending
action or proceeding; (4) except as prohibited by...
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10A-9A-10.05
Section 10A-9A-10.05 Effect of conversion. (a) When a conversion takes effect: (1) all property
and contract rights owned by the converting organization remains vested in the converted organization
without transfer, reversion, or impairment and the title to any property vested by deed or
otherwise in the converting organization shall not revert or be in any way impaired by reason
of the conversion; (2) all debts, obligations, or other liabilities of the converting organization
continue as debts, obligations, or other liabilities of the converted organization and neither
the rights of creditors, nor the liens upon the property of the converting organization shall
be impaired by the conversion; (3) an action or proceeding pending by or against the converting
organization continues as if the conversion had not occurred and the name of the converted
entity may, but need not, be substituted for the name of the converting entity in any pending
action or proceeding; (4) except as prohibited...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-9A-10.05.htm - 4K - Match Info - Similar pages
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