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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

121

:
FRATERNAL BENEFIT SOCIETIES











 

§

4469. Conversion of fraternal benefit society 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 sections 3366,

3423-3425, 3701-3711 of this title, if such plan of conversion is approved by

the Commissioner of Financial Regulation. The plan shall be prepared in writing

setting forth in full the terms and conditions thereof. The board of directors

shall submit the plan to the supreme legislative or governing body of the

society at any regular or special meeting thereof, by giving a full, true, and

complete copy of the plan with the notice of the meeting. The notice shall be

given as provided in the laws of the society for the convocation of a regular

or special meeting of the body, as the case may be. The affirmative vote of

two-thirds of all members of the body shall be necessary for the approval of

the agreement. No conversion may take effect until approved by the Commissioner

of Financial Regulation who may give the approval if he or she finds that the

proposed change is in conformity with law and not prejudicial to the

certificate holders of the society. (Added 1959, No. 197, § 9, eff. Nov. 22,

1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), §

38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)