Examination of company and certificate to do business.
379.555. 1. If, upon examination made by him, the saiddirector shall find that the company has been duly reorganized asprovided by this chapter and that its capital is such as setforth in the articles of association, and that its assets,capital, premium notes and investments are of not less amount orvalue than required of new companies organized under theinsurance statutes of this state, and that such company is insound and solvent condition, according to the insurance statutesof this state, he shall deliver to the officers a certificate tothat effect, and an authorization to do business under thegeneral insurance statutes of this state.
2. Any and all special privileges, if any, contained in theoriginal charter of the company or contrary to or not conferredby said articles of association and the general insurancestatutes of this state shall cease and determine at the timeoriginally limited by law or its charter for the termination ofits corporate existence, and thereafter, unless sooner determinedby proceedings under the general insurance statutes, said companyshall continue as a corporation and possess all the powers andfranchises conferred by and be subject to all the provisions ofthe general insurance statutes of this state, and for the termspecified in the articles of association; provided, however, thatsaid company as reorganized shall not be deemed a newcorporation, nor shall such reorganization and extension andcontinuance of the corporate existence of said company under thegeneral insurance statutes change or affect the title of saidcompany to its assets, nor change or affect its members nor itspolicies of insurance or other obligations and contracts thenexisting; but all such shall remain, belong to and be obligatoryupon said company as reorganized, in the same manner and with thesame effect as under its charter and before such reorganizationthey pertained to and were held by and were obligatory upon saidcompany, subject to the general insurance and corporation laws ofthis state.
Examination of company and certificate to do business.
379.555. 1. If, upon examination made by him, the saiddirector shall find that the company has been duly reorganized asprovided by this chapter and that its capital is such as setforth in the articles of association, and that its assets,capital, premium notes and investments are of not less amount orvalue than required of new companies organized under theinsurance statutes of this state, and that such company is insound and solvent condition, according to the insurance statutesof this state, he shall deliver to the officers a certificate tothat effect, and an authorization to do business under thegeneral insurance statutes of this state.
2. Any and all special privileges, if any, contained in theoriginal charter of the company or contrary to or not conferredby said articles of association and the general insurancestatutes of this state shall cease and determine at the timeoriginally limited by law or its charter for the termination ofits corporate existence, and thereafter, unless sooner determinedby proceedings under the general insurance statutes, said companyshall continue as a corporation and possess all the powers andfranchises conferred by and be subject to all the provisions ofthe general insurance statutes of this state, and for the termspecified in the articles of association; provided, however, thatsaid company as reorganized shall not be deemed a newcorporation, nor shall such reorganization and extension andcontinuance of the corporate existence of said company under thegeneral insurance statutes change or affect the title of saidcompany to its assets, nor change or affect its members nor itspolicies of insurance or other obligations and contracts thenexisting; but all such shall remain, belong to and be obligatoryupon said company as reorganized, in the same manner and with thesame effect as under its charter and before such reorganizationthey pertained to and were held by and were obligatory upon saidcompany, subject to the general insurance and corporation laws ofthis state.
Examination of company and certificate to do business.
379.555. 1. If, upon examination made by him, the saiddirector shall find that the company has been duly reorganized asprovided by this chapter and that its capital is such as setforth in the articles of association, and that its assets,capital, premium notes and investments are of not less amount orvalue than required of new companies organized under theinsurance statutes of this state, and that such company is insound and solvent condition, according to the insurance statutesof this state, he shall deliver to the officers a certificate tothat effect, and an authorization to do business under thegeneral insurance statutes of this state.
2. Any and all special privileges, if any, contained in theoriginal charter of the company or contrary to or not conferredby said articles of association and the general insurancestatutes of this state shall cease and determine at the timeoriginally limited by law or its charter for the termination ofits corporate existence, and thereafter, unless sooner determinedby proceedings under the general insurance statutes, said companyshall continue as a corporation and possess all the powers andfranchises conferred by and be subject to all the provisions ofthe general insurance statutes of this state, and for the termspecified in the articles of association; provided, however, thatsaid company as reorganized shall not be deemed a newcorporation, nor shall such reorganization and extension andcontinuance of the corporate existence of said company under thegeneral insurance statutes change or affect the title of saidcompany to its assets, nor change or affect its members nor itspolicies of insurance or other obligations and contracts thenexisting; but all such shall remain, belong to and be obligatoryupon said company as reorganized, in the same manner and with thesame effect as under its charter and before such reorganizationthey pertained to and were held by and were obligatory upon saidcompany, subject to the general insurance and corporation laws ofthis state.
