1994 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.84. FRATERNAL BENEFIT SOCIETIES
Sec. 21.84.500. CONSOLIDATIONS AND MERGERS.

(a) 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

(1) a certified copy of the written contract containing in full the terms and conditions of the consolidation or merger;

(2) a sworn statement by the president and secretary or corresponding officers of each society showing its financial condition on a date fixed by the director but not earlier than December 31, preceding the date of the contract;

(3) a certificate of the officers, verified by their respective oaths, that the consolidation or merger has been approved by a two-thirds vote of the supreme legislative or governing body of each society;

(4) evidence that at least 60 days before the action of the supreme legislative or 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 organ of each society.

(b) The affidavit of an officer of the society or of anyone authorized by it to mail a notice or document, stating that the notice or document has been duly addressed and mailed, shall be prima facie evidence that the notice or document has been furnished the addressees.

(c) If the director finds that the contract is in conformity with 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 a certificate to that effect. Upon approval, the contract is in full force and effect unless a society that is a party to the contract is incorporated under the laws of another state. In that event the consolidation or merger may not become effective unless and until it has been approved as provided by the laws of the other state and a certificate of the approval filed with the director or, if the laws of the other state contain no such provision, the consolidation or merger may not become effective unless and until it has been approved by the insurance supervisory official of the other state and a certificate of the approval filed with the director.