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 500.8206 – 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 500.8198 – Decisions and Findings of Commissioner; Judicial Review.
500.8198 Decisions and findings of commissioner; judicial review. Sec. 8198. All decisions and findings of the commissioner made under the provisions of this chapter shall be subject to review by proper proceedings in a court of competent jurisdiction in this state. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218