US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 32
                         FRATERNAL BENEFIT SOCIETIES
    41-3214.  CONSOLIDATIONS AND MERGERS. (1) A domestic society may
consolidate or merge with any other society by complying with the provisions
of this section.  It shall file with the director:
    (a)  A certified copy of the written contract containing in full the terms
    and conditions of the consolidation or merger;
    (b)  A sworn statement by the president and secretary or corresponding
    officers of each society showing the financial condition thereof on a date
    fixed by the director, but not earlier than December 31 next preceding the
    date of the contract;
    (c)  A certificate of such officers, duly verified by their respective
    oaths, that the consolidation or merger has been approved by a two-thirds
    (2/3) vote of the supreme governing body of each society, such vote being
    conducted at a regular or special meeting of each such body, or, if the
    society's laws so permit, by mail; and
    (d)  Evidence that at least sixty (60) days prior to the action of the
    supreme governing body of each society, the text of the contract has been
    furnished to all members of each society either by mail or by publication
    in full in the official publication of each society.
    (2)  If the director finds that the contract is in conformity with the
provisions of this section, that the financial statements are correct, and
that the consolidation or merger is just and equitable to the members of each
society, the director shall approve the contract and issue his certificate to
such effect.  Upon such approval, the contract shall be in full force and
effect unless any society which is a party to the contract is incorporated
under the laws of any other state or territory.  In such event the
consolidation or merger shall not become effective unless and until it has
been approved as provided by the laws of such state or territory and a
certificate of such approval filed with the director of this state, or, if the
laws of such state or territory contain no such provision, then the
consolidation or merger shall not become effective unless and until it has
been approved by the director of insurance of such state or territory and a
certificate of such approval filed with the director.
    (3)  Upon the consolidation or merger becoming effective as herein
provided, all the rights, franchises and interests of the consolidated or
merged societies in and to every species of property, real, personal or mixed,
and things in action thereunto  belonging shall be vested in the society
resulting from or remaining after the consolidation or merger without any
other instrument, except that conveyances of real property may be evidenced by
proper deeds, and the title to any real estate or interest therein, vested
under the laws of this state in any of the societies consolidated or merged,
shall not revert or be in any way impaired by reason of the consolidation or
merger, but shall vest absolutely in the society resulting from or remaining
after such consolidation or merger.
    (4)  The affidavit of any officer of the society or of anyone authorized
by it to mail any notice or document, stating that such notice or document has
been duly addressed and mailed, shall be prima facie evidence that such notice
or document has been furnished the addressees.