17:45A-7.Ā  Rights against association not affected by conversion; exception
The conversion of an association into a mutual life insurance company shallĀ  not affect the right of any creditor or member of any such association, but allĀ  rights of all persons against such association before its conversion shallĀ  continue unaffected and shall be enforced against the mutual life insuranceĀ  company in the same manner they could have been enforced against theĀ  association had its conversion not taken place; except that all rights of assessment, or reduction in benefits in lieu of assessment, prescribed in the certificate of incorporation or by-laws of the mutual benefit association, or provided for in any certificate, policy or contract of such association, shall be canceled. "Assessment,"Ā  as used herein, means the right to require the payment of a sum in addition to the weekly or other periodical dues, contributions, premiums and fees required under the terms of any certificate, policy or contract.

L.1955, c. 230, p. 892, s. 7.
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