Oklahoma § 36-2418 - Legal reserve life insurance company, conversion into;

§ 36-2418. Legal reserve life insurance company, conversion into;

adoption of plan.

Any mutual benefit association may convert itself into a stock

legal reserve life insurance company under an amended charter. The

plan of conversion shall be adopted at any regular annual

policyholders' meeting of such association. Amended articles of

incorporation providing for such conversion shall be adopted at the

same meeting and shall be in the form as set out in either Section

2105, Article 21 of this Code and shall provide for a minimum

capital stock of One Hundred Thousand Dollars ($100,000.00) or in

the form of Section 2502, Article 25, of this Code, and shall

provide for a minimum capital stock of Fifty Thousand Dollars

($50,000.00); provided, however, such conversion may be accomplished

by paying up twenty per cent (20%) of the capital required by either

of such sections at the time of such reorganization and not less

than twenty per cent (20%) additional of the required amount each

year thereafter until the full amount has been paid in. In the

event the capital stock is not increased as herein provided the same

shall be deemed to be impaired and the Insurance Commissioner shall

proceed against the company as provided by law in such cases.

Laws 1957, p. 322, § 2418.