§432:2-306  Conversion of fraternal benefit
society into mutual life insurance company.  Any domestic fraternal benefit
society may be converted and licensed as a mutual life insurance company by
compliance with all the requirements of chapter 431 pertaining to mutual life
insurers.  A plan of conversion shall be prepared in writing by the board of
directors setting forth in full the terms and conditions of conversion.  The
affirmative vote of two-thirds of all members of the supreme governing body at
a regular or special meeting shall be necessary for the approval of such plan. 
No such conversion shall take effect unless and until approved by the
commissioner who may give such approval if the commissioner finds that the
proposed change is in conformity with the requirements of law and not
prejudicial to the certificate holders of the society. [L 1987, c 347, pt of
§2]