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 500.8198 – 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
Section 500.8199 – Exemptions.
500.8199 Exemptions. Sec. 8199. (1) This chapter shall not be construed to affect or apply to any of the following described organizations which were in existence and issuing benefits on July 1, 1945: (a) Grand or subordinate lodges of masons, odd fellows or knights of Pythias, exclusive of the insurance department of the supreme lodge […]
Section 500.8199a – Additional Chapters and Provisions Applicable to Fraternal Benefit Society.
500.8199a Additional chapters and provisions applicable to fraternal benefit society. Sec. 8199a. A fraternal benefit society transacting business in this state and not exempt from the provisions of this chapter under section 8199 is also subject to the following additional chapters and provisions of this act, as applicable: (a) Chapter 1. (b) Chapter 2. However, […]
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 […]
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