§432:2-306  Conversion of fraternal benefitsociety into mutual life insurance company.  Any domestic fraternal benefitsociety may be converted and licensed as a mutual life insurance company bycompliance with all the requirements of chapter 431 pertaining to mutual lifeinsurers.  A plan of conversion shall be prepared in writing by the board ofdirectors setting forth in full the terms and conditions of conversion.  Theaffirmative vote of two-thirds of all members of the supreme governing body ata regular or special meeting shall be necessary for the approval of such plan. No such conversion shall take effect unless and until approved by thecommissioner who may give such approval if the commissioner finds that theproposed change is in conformity with the requirements of law and notprejudicial to the certificate holders of the society. [L 1987, c 347, pt of§2]