Section 500.8224 – Reorganization; Members; Referendum.
500.8224 Reorganization; members; referendum. Sec. 8224. If the supreme governing body approves the plan of transformation, the board of directors or other managing body of such society shall submit the plan to a referendum vote of the members of such society, and if the result of such vote shall show that the majority of the […]
Section 500.8228 – Reorganization; Plan; Approval by Insurance Commissioner; Vote; Results.
500.8228 Reorganization; plan; approval by insurance commissioner; vote; results. Sec. 8228. Any such plan of transformation submitted to the supreme governing body as herein contemplated, must first have been approved by the commissioner; and the result of said vote must be filed with such commissioner and be by him determined before any transformation shall be […]
Section 500.8232 – Reorganization; Plan; Adoption Requirements.
500.8232 Reorganization; plan; adoption requirements. Sec. 8232. No such transformation shall take place until after its plan has been approved by the commissioner, either with or without a hearing as herein provided, and until such approved plan has been adopted by a majority vote of the board of directors or board of trustees of such […]
Section 500.8240 – Applicability of MCL 500.8204 to 500.8232.
500.8240 Applicability of MCL 500.8204 to 500.8232. Sec. 8240. Nothing in sections 8204 through 8232 shall be construed to apply to any association exempt from the provisions of chapter 81a in accordance with the provisions of section 8199. History: 1956, Act 218, Eff. Jan. 1, 1957 ;– Am. 1990, Act 1, Eff. Apr. 1, 1990 […]
Section 500.8242 – Reorganization; Effect; Continuation of Original Corporation; Powers; Officers.
500.8242 Reorganization; effect; continuation of original corporation; powers; officers. Sec. 8242. Any such society so transformed, shall incur the obligations and enjoy the benefits thereof the same as though originally thus incorporated, and such corporation, under its charter as thus amended, shall be a continuation of such original corporation, and the officers thereof shall serve […]
Section 500.8246 – Amendment or Reincorporation; Saving Clause.
500.8246 Amendment or reincorporation; saving clause. Sec. 8246. 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.
500.8250 Liens upon certificates; notices to members; application of section. Sec. 8250. If any fraternal benefit society, reorganizing under the provisions of this chapter shall have certificates in force, against the equity of which certificates a lien or other form of indebtedness has been placed, the society shall notify each member individually of the amount […]
Section 500.8254 – Certificates of Membership; Valuation; Reserve; Annual Statement.
500.8254 Certificates of membership; valuation; reserve; annual statement. Sec. 8254. The existing certificates of membership of any fraternal benefit society which shall have transformed itself into a legal reserve level premium life insurance company, in conformity with the provisions of this chapter, shall be valued as follows: (1) Certificates on which rates of contributions are […]
Section 500.8218 – Reorganization; Submission of Plan to Governing Body of Society; Meeting.
500.8218 Reorganization; submission of plan to governing body of society; meeting. Sec. 8218. The commissioner shall require the plan of transformation to be submitted to the supreme governing body of such society, to be voted upon. When submitted, it shall be either at a regular meeting of the supreme governing body or at a special […]
Section 500.8220 – Reorganization; Special Meeting; Notice; Approval; Required Vote; Proxies.
500.8220 Reorganization; special meeting; notice; approval; required vote; proxies. Sec. 8220. A notice of said special meeting, in the form approved by the commissioner, shall be given in accordance with the requirement of the bylaws of such society. When so submitted, a majority vote of the supreme governing body present and voting, as authorized by […]