Okla. Stat. tit. 36, § 36-2714.1
This is the official text of Okla. Stat. tit. 36, § 36-2714.1, 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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Consolidations and mergers
Official statutory text
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 Insurance Commissioner:
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 the financial
condition thereof on a date fixed by the Commissioner but not
earlier than December 31 next preceding the date of the contract;
3. A certificate of such officers, duly verified by their
respective oaths, that the consolidation or merger has been approved
by a two-thirds (2/3) vote of the supreme governing body of each
society, such vote being conducted at a regular or special meeting
of each such body, or, if the society's laws so permit, by mail; and
4. Evidence that at least sixty (60) days prior to the action
of the supreme 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 publication of each
society.
B. If the Commissioner finds that the contract is in conformity
with the provisions of 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 Commissioner shall
approve the contract and issue a certificate to such effect. Upon
approval, the contract shall be in full force and effect unless any
society which is a party to the contract is incorporated under the
laws of any other state or territory. In such event the
consolidation or merger shall not become effective unless and until
it has been approved as provided by the laws of such state or
territory and a certificate of the approval is filed with the
Commissioner of this state or, if the laws of such state or
territory contain no such provision, then the consolidation or
merger shall not become effective unless and until it has been
approved by the Commissioner of such state or territory and a
Oklahoma Statutes - Title 36. Insurance Page 721
certificate of approval filed with the Commissioner of this state.
In case the contract is not approved it shall be inoperative, and
the fact of the submission and its contents shall not be disclosed
by the Commissioner.
C. Upon the consolidation or merger becoming effective as
herein provided, all the rights, franchises and interests of the
consolidated or merged societies in and to every species of
property, real, personal or mixed, and things in action thereunto
belonging shall be vested in the society resulting from or remaining
after the consolidation or merger without any other instrument,
except that conveyances of real property may be evidenced by proper
deeds, and the title to any real estate or interest therein, vested
under the laws of this state in any of the societies consolidated or
merged, shall not revert or be in any way impaired by reason of the
consolidation or merger, but shall vest absolutely in the society
resulting from or remaining after such consolidation or merger.
D. The affidavit of any officer of the society or of anyone
authorized by it to mail any notice or document, stating that such
notice or document has been duly addressed and mailed, shall be
prima facie evidence that such notice or document has been furnished
the addressees.
society by complying with the provisions of this section. It shall
file with the Insurance Commissioner:
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 the financial
condition thereof on a date fixed by the Commissioner but not
earlier than December 31 next preceding the date of the contract;
3. A certificate of such officers, duly verified by their
respective oaths, that the consolidation or merger has been approved
by a two-thirds (2/3) vote of the supreme governing body of each
society, such vote being conducted at a regular or special meeting
of each such body, or, if the society's laws so permit, by mail; and
4. Evidence that at least sixty (60) days prior to the action
of the supreme 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 publication of each
society.
B. If the Commissioner finds that the contract is in conformity
with the provisions of 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 Commissioner shall
approve the contract and issue a certificate to such effect. Upon
approval, the contract shall be in full force and effect unless any
society which is a party to the contract is incorporated under the
laws of any other state or territory. In such event the
consolidation or merger shall not become effective unless and until
it has been approved as provided by the laws of such state or
territory and a certificate of the approval is filed with the
Commissioner of this state or, if the laws of such state or
territory contain no such provision, then the consolidation or
merger shall not become effective unless and until it has been
approved by the Commissioner of such state or territory and a
Oklahoma Statutes - Title 36. Insurance Page 721
certificate of approval filed with the Commissioner of this state.
In case the contract is not approved it shall be inoperative, and
the fact of the submission and its contents shall not be disclosed
by the Commissioner.
C. Upon the consolidation or merger becoming effective as
herein provided, all the rights, franchises and interests of the
consolidated or merged societies in and to every species of
property, real, personal or mixed, and things in action thereunto
belonging shall be vested in the society resulting from or remaining
after the consolidation or merger without any other instrument,
except that conveyances of real property may be evidenced by proper
deeds, and the title to any real estate or interest therein, vested
under the laws of this state in any of the societies consolidated or
merged, shall not revert or be in any way impaired by reason of the
consolidation or merger, but shall vest absolutely in the society
resulting from or remaining after such consolidation or merger.
D. The affidavit of any officer of the society or of anyone
authorized by it to mail any notice or document, stating that such
notice or document has been duly addressed and mailed, shall be
prima facie evidence that such notice or document has been furnished
the addressees.
Status: in_force · Read it on the official government site
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