{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2715.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2715.1","heading":"Conversion of fraternal benefit society into mutual","body":"life insurance company or stock legal reserve life insurance\n\ncompany.\n\nA. Any domestic fraternal benefit society may be converted and\n\nlicensed as a mutual life insurance company by compliance with all\n\nthe requirements of the general insurance laws for mutual life\n\ninsurance companies. A plan of conversion shall be prepared in\n\nwriting by the board of directors setting forth in full the terms\n\nand conditions of conversion. The affirmative vote of two-thirds\n\n(2/3) of all members of the supreme governing body at a regular or\n\nspecial meeting shall be necessary for approval of the plan. No\n\nconversion shall take effect unless and until approved by the\n\nInsurance Commissioner who may give approval if the Commissioner\n\nfinds that the proposed change is in conformity with the\n\nrequirements of law and not prejudicial to the certificate holders\n\nof the society.\n\nB. Any domestic fraternal benefit society may be converted and\n\nlicensed as a stock legal reserve life insurance company by\n\ncompliance with all the requirements of the applicable provisions of\n\nthe Insurance Code if such plan of conversion has been approved by\n\nthe Commissioner. Such plan shall be prepared in writing setting\n\nforth in full the terms and conditions thereof. The board of\n\ndirectors shall submit the plan to the supreme legislative or\n\ngoverning body of the society at any regular or special meeting\n\nthereof, by giving a full, true, and complete copy of the plan\n\ntogether with notice of the meeting. The notice shall be given as\n\nprovided in the laws of the society for the convocation of a regular\n\nor special meeting of the governing body, as the case may be. The\n\naffirmative vote of two-thirds (2/3) of all members of the governing\n\nbody shall be necessary for the approval of the agreement. No\n\nconversion shall take effect unless and until approved by the\n\nCommissioner who may give approval if the Commissioner finds that\n\nthe proposed change is in conformity with the requirements of law\n\nand not prejudicial to the certificate holders of the society. If\n\nsuch fraternal benefit society is converted into a stock legal\n\nreserve life insurance company, each and every certificate holder\n\nshall be entitled to purchase that proportion of the total capital\n\nstock of the company as the amount of his insurance in force bears\n\nto the society's total insurance in force and outstanding at the\n\ntime the Commissioner approved the proposed plan of conversion.\n\nEach certificate holder shall have the exclusive right to purchase\n\nsaid stock within thirty (30) days after receiving notice from the\n\nsociety of such right and the fact that the conversion has been\n\napproved by the membership. Any stock not purchased by the\n\ncertificate holders may then be sold by the board of directors.","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":"039889e71d165f18050ff763ed7729282e8e9eb0bfb597ca51f3bf24308cbfb8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2714.1","next":"us-ok/okla.-stat.-tit.-36-36-2716.1"},"notice":"GroundRules: Original legal text. Not legal advice."}