40-774.Same; status of corporation upon conversion; reserves onpolicies issued prior to conversion; succession to rights and property ofsociety; power of commissioner to order divestiture or revaluation.When any fraternal benefit society shall have complied withthe provisions of this act and the other laws of this state regulating theincorporation of life insurance companies and shall receive from thecommissioner of insurance its charter or certificate of authority totransact business as a life insurance company, its reorganization andconversion into such company shall be complete. Such reorganized andconverted corporation shall be deemed in law to have all the rights,privileges, powers and authority of any other corporation organized fordoing a life insurance business in the state of Kansas and be controlled bythe laws applying thereto. Such reorganized and converted corporationshall be obligated to maintain reserves attributable to policies orcertificates of insurance issued prior to such conversion on the respectivebases provided in such policies or certificates of insurance or in the lawsapplicable at their respective dates of issue, but in no event on a basisproviding lower reserves than the national fraternal congress table ofmortality with interest assumed at the rate of 4% per annum.
The new corporation shall be deemed in law to be a continuation of thebusiness of the fraternal benefit society when the reorganization andconversion shall have been accomplished by the formation of a new companyor by amendment to its former charter, and such reorganized corporationshall succeed to and become invested with all and singular the rights,privileges, franchises, and all property, real, personal, or mixed of theformer society, and all debts due on any account and all other things andchoses in action, theretofore belonging to such fraternal benefit society,and all property rights, privileges, franchises, and all other interestshall thereafter be as effectually the property of such organized andconverted corporation as they were the property of the former fraternalbenefit society, and the title to any real estate by deed or otherwisevested in the former fraternal benefit society shall forthwith vest in suchorganized converted corporation, and the title thereto shall not in any waybe impaired by reason of such change or reincorporation. The commissionerof insurance shall have the power and authority to require such convertedcompany to dispose of or revalue any security, investment or asset regardedas ineligible for the converted company upon reasonable notice and terms tosuch converted company.
40-774.Same; status of corporation upon conversion; reserves onpolicies issued prior to conversion; succession to rights and property ofsociety; power of commissioner to order divestiture or revaluation.When any fraternal benefit society shall have complied withthe provisions of this act and the other laws of this state regulating theincorporation of life insurance companies and shall receive from thecommissioner of insurance its charter or certificate of authority totransact business as a life insurance company, its reorganization andconversion into such company shall be complete. Such reorganized andconverted corporation shall be deemed in law to have all the rights,privileges, powers and authority of any other corporation organized fordoing a life insurance business in the state of Kansas and be controlled bythe laws applying thereto. Such reorganized and converted corporationshall be obligated to maintain reserves attributable to policies orcertificates of insurance issued prior to such conversion on the respectivebases provided in such policies or certificates of insurance or in the lawsapplicable at their respective dates of issue, but in no event on a basisproviding lower reserves than the national fraternal congress table ofmortality with interest assumed at the rate of 4% per annum.
The new corporation shall be deemed in law to be a continuation of thebusiness of the fraternal benefit society when the reorganization andconversion shall have been accomplished by the formation of a new companyor by amendment to its former charter, and such reorganized corporationshall succeed to and become invested with all and singular the rights,privileges, franchises, and all property, real, personal, or mixed of theformer society, and all debts due on any account and all other things andchoses in action, theretofore belonging to such fraternal benefit society,and all property rights, privileges, franchises, and all other interestshall thereafter be as effectually the property of such organized andconverted corporation as they were the property of the former fraternalbenefit society, and the title to any real estate by deed or otherwisevested in the former fraternal benefit society shall forthwith vest in suchorganized converted corporation, and the title thereto shall not in any waybe impaired by reason of such change or reincorporation. The commissionerof insurance shall have the power and authority to require such convertedcompany to dispose of or revalue any security, investment or asset regardedas ineligible for the converted company upon reasonable notice and terms tosuch converted company.
40-774.Same; status of corporation upon conversion; reserves onpolicies issued prior to conversion; succession to rights and property ofsociety; power of commissioner to order divestiture or revaluation.When any fraternal benefit society shall have complied withthe provisions of this act and the other laws of this state regulating theincorporation of life insurance companies and shall receive from thecommissioner of insurance its charter or certificate of authority totransact business as a life insurance company, its reorganization andconversion into such company shall be complete. Such reorganized andconverted corporation shall be deemed in law to have all the rights,privileges, powers and authority of any other corporation organized fordoing a life insurance business in the state of Kansas and be controlled bythe laws applying thereto. Such reorganized and converted corporationshall be obligated to maintain reserves attributable to policies orcertificates of insurance issued prior to such conversion on the respectivebases provided in such policies or certificates of insurance or in the lawsapplicable at their respective dates of issue, but in no event on a basisproviding lower reserves than the national fraternal congress table ofmortality with interest assumed at the rate of 4% per annum.
The new corporation shall be deemed in law to be a continuation of thebusiness of the fraternal benefit society when the reorganization andconversion shall have been accomplished by the formation of a new companyor by amendment to its former charter, and such reorganized corporationshall succeed to and become invested with all and singular the rights,privileges, franchises, and all property, real, personal, or mixed of theformer society, and all debts due on any account and all other things andchoses in action, theretofore belonging to such fraternal benefit society,and all property rights, privileges, franchises, and all other interestshall thereafter be as effectually the property of such organized andconverted corporation as they were the property of the former fraternalbenefit society, and the title to any real estate by deed or otherwisevested in the former fraternal benefit society shall forthwith vest in suchorganized converted corporation, and the title thereto shall not in any waybe impaired by reason of such change or reincorporation. The commissionerof insurance shall have the power and authority to require such convertedcompany to dispose of or revalue any security, investment or asset regardedas ineligible for the converted company upon reasonable notice and terms tosuch converted company.
