Alabama § 27-35-7 - Conversion into Stock or Mutual Life Insurance Company - Provisions for Certificate Holders to Subscribe to Stock.
Full text of Alabama Code of Alabama § 27-35-7 — Conversion into Stock or Mutual Life Insurance Company - Provisions for Certificate Holders to Subscribe to Stock., with citation guidance and answers to common questions.
§ 27-35-7. Conversion into Stock or Mutual Life Insurance Company - Provisions for Certificate Holders to Subscribe to Stock.
If the fraternal benefit society is to be converted into a stock life insurer, the plan of conversion shall make reasonable provisions under which each adult certificate holder of the society shall have the preemptive right to subscribe to and purchase that proportion of the total authorized capital which the amount of his insurance bears to the society’s total insurance in force at a date to be specified in such plan; except, that if more than 75 percent of the society’s adult certificate holders are residents of this state, such preemptive right may, in the commissioner’s discretion, under the plan be limited to such residents.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-35-7
What does Code of Alabama § 27-35-7 cover?
Section 27-35-7 ("Conversion into Stock or Mutual Life Insurance Company - Provisions for Certificate Holders to Subscribe to Stock.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 27-35-7?
A common citation format is "Code of Alabama § 27-35-7" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 27-35-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.