Wisconsin § 614.76 - Voluntary conversion of fraternals to mutuals.

§ 614.76. Voluntary conversion of fraternals to mutuals.

A domestic fraternal may be converted into a mutual, as follows: 614.76(1) (1) Action by board or supreme governing body. The board or the supreme governing body shall adopt a plan of conversion stating: 614.76(1)(a) (a) The reasons for and the purposes of the proposed action; 614.76(1)(b) (b) The proposed terms, conditions and procedures and the estimated expenses of implementing the conversion; 614.76(1)(c) (c) The proposed name of the corporation; and 614.76(1)(d) (d) The proposed articles and bylaws. 614.76(2) (2) Disagreement. If the board and the supreme governing body disagree on the conversion plan, the decision of the latter shall govern. 614.76(3) (3) Approval by commissioner. The plan shall be filed with the commissioner for approval, together with so much of the information under s. 611.13 (2) as the commissioner reasonably requires. The commissioner shall approve the plan unless finding, after a hearing, that it would be contrary to the law, that the new mutual would not satisfy the requirements for a certificate of authority under s.