Okla. Stat. tit. 36, § 36-2420
This is the official text of Okla. Stat. tit. 36, § 36-2420, 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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Policyholders; rights to purchase stock; sale of stock
Official statutory text
not purchased.
If such mutual benefit association be converted into a stock
legal reserve life insurance company each and every policyholder or
certificate holder shall have the exclusive right for thirty (30)
days after the conversion is approved at the policyholders' meeting
and the mailing of the notice thereof to purchase that proportion of
the total stock offered for sale as the amount of his insurance
bears to the association's total insurance in force at the time of
conversion. Any stock not purchased by the policyholders may then
be sold by the board of directors.
If such mutual benefit association be converted into a stock
legal reserve life insurance company each and every policyholder or
certificate holder shall have the exclusive right for thirty (30)
days after the conversion is approved at the policyholders' meeting
and the mailing of the notice thereof to purchase that proportion of
the total stock offered for sale as the amount of his insurance
bears to the association's total insurance in force at the time of
conversion. Any stock not purchased by the policyholders may then
be sold by the board of directors.
Status: in_force · Read it on the official government site
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