Michigan Compiled Laws 218-1956-82 Chapter 82 Transformation Of Fraternal Benefit Societies (500.8204...500.8254)

• Section 500.8204 Fraternal Benefit Society; Reorganization Into Legal Reserve Premium Company; Amendment Of Articles.
  Any existing fraternal benefit society may amend its articles of incorporation and bylaws in such a way as to transform itself into a legal...
• Section 500.8206 Reorganization; Proposed Articles And Bylaws; Filing With Insurance Commissioner.
  Whenever any such society shall propose to transform itself into a legal reserve level premium company as herein provided, it shall file with the...
• Section 500.8208 Reorganization; Hearing On Petition.
  The commissioner may proceed to hear and determine such petition without notice, or, if he deems it necessary that such notice should be given...
• Section 500.8210 Reorganization; Member's Right To Appear.
  When notice shall have been given, as above provided, any member of such society shall have the right to appear before the commissioner and...
• Section 500.8212 Reorganization; Examination; Witnesses.
  The commissioner may also make such examination into the affairs and conditions of the society as he deems proper, and shall have power to...
• Section 500.8214 Reorganization; Authorization By Insurance Commissioner; Modification.
  If satisfied that the interests of the membership of said society are properly protected and that no reasonable objection to said petition exists, the...
• Section 500.8216 Reorganization; Order; Disposition Of Assets.
  The commissioner shall make such order and disposition of the assets of any such society as in his judgment may be just and equitable....
• Section 500.8218 Reorganization; Submission Of Plan To Governing Body Of Society; Meeting.
  The commissioner shall require the plan of transformation to be submitted to the supreme governing body of such society, to be voted upon. When...
• Section 500.8220 Reorganization; Special Meeting; Notice; Approval; Required Vote; Proxies.
  A notice of said special meeting, in the form approved by the commissioner, shall be given in accordance with the requirement of the bylaws...
• Section 500.8224 Reorganization; Members; Referendum.
  If the supreme governing body approves the plan of transformation, the board of directors or other managing body of such society shall submit the...
• Section 500.8228 Reorganization; Plan; Approval By Insurance Commissioner; Vote; Results.
  Any such plan of transformation submitted to the supreme governing body as herein contemplated, must first have been approved by the commissioner; and the...
• Section 500.8232 Reorganization; Plan; Adoption Requirements.
  No such transformation shall take place until after its plan has been approved by the commissioner, either with or without a hearing as herein...
• Section 500.8240 Applicability Of Mcl 500.8204 To 500.8232.
  Nothing in sections 8204 through 8232 shall be construed to apply to any association exempt from the provisions of chapter 81a in accordance with...
• Section 500.8242 Reorganization; Effect; Continuation Of Original Corporation; Powers; Officers.
  Any such society so transformed, shall incur the obligations and enjoy the benefits thereof the same as though originally thus incorporated, and such corporation,...
• Section 500.8246 Amendment Or Reincorporation; Saving Clause.
  Such amendment or reincorporation shall not affect existing suits, claims, or contracts. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
• Section 500.8250 Liens Upon Certificates; Notices To Members; Application Of Section.
  If any fraternal benefit society, reorganizing under the provisions of this chapter shall have certificates in force, against the equity of which certificates a...
• Section 500.8254 Certificates Of Membership; Valuation; Reserve; Annual Statement.
  The existing certificates of membership of any fraternal benefit society which shall have transformed itself into a legal reserve level premium life insurance company,...

Last modified: October 10, 2016