Section 500.8206 – Reorganization; Proposed Articles and Bylaws; Filing With Insurance Commissioner.
500.8206 Reorganization; proposed articles and bylaws; filing with insurance commissioner. Sec. 8206. Whenever any such society shall propose to transform itself into a legal reserve level premium company as herein provided, it shall file with the commissioner, its proposed articles and bylaws, its plan of transformation, setting forth in detail the terms and conditions of […]
Section 500.8208 – Reorganization; Hearing on Petition.
500.8208 Reorganization; hearing on petition. Sec. 8208. The commissioner may proceed to hear and determine such petition without notice, or, if he deems it necessary that such notice should be given in order to conserve the interests of the membership, he shall require the society to first notify, by mail, all of the members of […]
Section 500.8210 – Reorganization; Member’s Right to Appear.
500.8210 Reorganization; member’s right to appear. Sec. 8210. When notice shall have been given, as above provided, any member of such society shall have the right to appear before the commissioner and be heard with reference to the petition. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
Section 500.8212 – Reorganization; Examination; Witnesses.
500.8212 Reorganization; examination; witnesses. Sec. 8212. The commissioner may also make such examination into the affairs and conditions of the society as he deems proper, and shall have power to summon and compel the attendance and testimony of witnesses, and the production of books and papers, and may administer oaths. History: 1956, Act 218, Eff. […]
Section 500.8214 – Reorganization; Authorization by Insurance Commissioner; Modification.
500.8214 Reorganization; authorization by insurance commissioner; modification. Sec. 8214. If satisfied that the interests of the membership of said society are properly protected and that no reasonable objection to said petition exists, the commissioner may authorize in writing, such transformation, or may first require such modification thereof as may seem to him necessary for the […]
Section 500.8216 – Reorganization; Order; Disposition of Assets.
500.8216 Reorganization; order; disposition of assets. Sec. 8216. The commissioner shall make such order and disposition of the assets of any such society as in his judgment may be just and equitable. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
Section 500.8204 – Fraternal Benefit Society; Reorganization Into Legal Reserve Premium Company; Amendment of Articles.
500.8204 Fraternal benefit society; reorganization into legal reserve premium company; amendment of articles. Sec. 8204. Any existing fraternal benefit society may amend its articles of incorporation and bylaws in such a way as to transform itself into a legal reserve level premium company doing business as a mutual company, but only after complying with the […]