KRS 304.29-151: Conversion into mutual life insurance company.

Any domestic fraternal benefit society may be converted and licensed as a mutual 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 in full the terms and conditions of

conversion. The affirmative vote of two -thirds (2/3) of all members of the supreme

governing body at a regular or special meeting shall be necessary for the approval of the

plan. No conversion shall take effect unless and until approved by the commissioner who

may give approval if he or she finds that that proposed change is in conformity with the

requirements of law and not prejudicial to the certificate holders of the society.