40-1213. Certain existing companies or associations.
40-1213
40-1213. Certain existing companies or associations.Any mutual company or association existing under any article other thanarticle 12 of this code may by resolution of its board of directors, dulyapproved by the majority of the members at a meeting specially called forthat purpose, and duly certified by the president and secretary, and filedwith and approved by the commissioner of insurance, elect and adopt andbecome subject to the provisions of this article, in lieu of any act oracts theretofore governing such company or association. Any company orassociation so electing and fully complying with this article, maythereafter effect such kinds of insurance as authorized by this article andspecified in its certificate of incorporation then in force, or as then orthereafter amended, together with such additional kinds of insurance as arespecified in such resolution and authorized by this article.
History: L. 1927, ch. 231, 40-1213; L. 1939, ch. 211, § 7; June 30.