40-776. Same; obligation of new corporation to perform obligations of society; preservation of pending legal actions.
40-776
40-776. Same; obligation of new corporation to perform obligations ofsociety; preservation of pending legal actions.Such organized and converted corporation shall be obliged tocarry out and perform all of the obligations of every kind and characterowing by the former fraternal benefit society to the holders of itspolicies or beneficial certificates, and the same may be enforced againstit to the extent as if the policies and benefit certificates had beenissued by it after conversion. Any pending actions at law wherein theformer fraternal benefit society was a party shall be unaffected by theconversion thereof and shall be prosecuted by or against such reorganizedand converted corporation the same as if the conversion had not taken place.
History: L. 1988, ch. 154, § 39; Jan. 1, 1989.