Okla. Stat. tit. 36, § 36-2418
This is the official text of Okla. Stat. tit. 36, § 36-2418, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Legal reserve life insurance company, conversion into;
Official statutory text
adoption of plan.
Any mutual benefit association may convert itself into a stock
legal reserve life insurance company under an amended charter. The
plan of conversion shall be adopted at any regular annual
policyholders' meeting of such association. Amended articles of
incorporation providing for such conversion shall be adopted at the
same meeting and shall be in the form as set out in either Section
2105, Article 21 of this Code and shall provide for a minimum
capital stock of One Hundred Thousand Dollars ($100,000.00) or in
the form of Section 2502, Article 25, of this Code, and shall
provide for a minimum capital stock of Fifty Thousand Dollars
($50,000.00); provided, however, such conversion may be accomplished
by paying up twenty per cent (20%) of the capital required by either
of such sections at the time of such reorganization and not less
than twenty per cent (20%) additional of the required amount each
year thereafter until the full amount has been paid in. In the
event the capital stock is not increased as herein provided the same
shall be deemed to be impaired and the Insurance Commissioner shall
proceed against the company as provided by law in such cases.
Any mutual benefit association may convert itself into a stock
legal reserve life insurance company under an amended charter. The
plan of conversion shall be adopted at any regular annual
policyholders' meeting of such association. Amended articles of
incorporation providing for such conversion shall be adopted at the
same meeting and shall be in the form as set out in either Section
2105, Article 21 of this Code and shall provide for a minimum
capital stock of One Hundred Thousand Dollars ($100,000.00) or in
the form of Section 2502, Article 25, of this Code, and shall
provide for a minimum capital stock of Fifty Thousand Dollars
($50,000.00); provided, however, such conversion may be accomplished
by paying up twenty per cent (20%) of the capital required by either
of such sections at the time of such reorganization and not less
than twenty per cent (20%) additional of the required amount each
year thereafter until the full amount has been paid in. In the
event the capital stock is not increased as herein provided the same
shall be deemed to be impaired and the Insurance Commissioner shall
proceed against the company as provided by law in such cases.
Status: in_force · Read it on the official government site
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