{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2418","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2418","heading":"Legal reserve life insurance company, conversion into;","body":"adoption of plan.\n\nAny mutual benefit association may convert itself into a stock\n\nlegal reserve life insurance company under an amended charter. The\n\nplan of conversion shall be adopted at any regular annual\n\npolicyholders' meeting of such association. Amended articles of\n\nincorporation providing for such conversion shall be adopted at the\n\nsame meeting and shall be in the form as set out in either Section\n\n2105, Article 21 of this Code and shall provide for a minimum\n\ncapital stock of One Hundred Thousand Dollars ($100,000.00) or in\n\nthe form of Section 2502, Article 25, of this Code, and shall\n\nprovide for a minimum capital stock of Fifty Thousand Dollars\n\n($50,000.00); provided, however, such conversion may be accomplished\n\nby paying up twenty per cent (20%) of the capital required by either\n\nof such sections at the time of such reorganization and not less\n\nthan twenty per cent (20%) additional of the required amount each\n\nyear thereafter until the full amount has been paid in. In the\n\nevent the capital stock is not increased as herein provided the same\n\nshall be deemed to be impaired and the Insurance Commissioner shall\n\nproceed against the company as provided by law in such cases.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c6fc9991dd1edb8cbfddfb877a0a19a888dae6bb765b49394388abcdeb912ec0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2417","next":"us-ok/okla.-stat.-tit.-36-36-2419"},"notice":"GroundRules: Original legal text. Not legal advice."}