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(a) After January 1, 1973, no unincorporated or voluntary association shall be permitted to transact business in this state as a fraternal benefit society.
(b) Any domestic voluntary association now authorized to transact business in this state may incorporate and shall receive from the commissioner a permanent certificate of incorporation as a fraternal benefit society when:
(1) It has completed its conversion to an incorporated society not later than January 1, 1974;
(2) It has filed its articles of incorporation and has satisfied the other requirements described in Sections 27-34-9 through 27-34-13; and
(3) The commissioner has made such examination and procured whatever additional information he deems advisable.
(c) Every voluntary association so incorporated shall incur the obligations and enjoy the benefits thereof the same as though originally incorporated, and such corporation shall be deemed a continuation of the original voluntary association. The officers thereof shall serve through their respective terms as provided in its original articles of association, but their successors shall be elected and serve as provided in its articles of incorporation. Incorporation of a voluntary association shall not affect existing actions, claims, or contracts.
Cite this article: FindLaw.com - Alabama Code Title 27. Insurance § 27-34-16 - last updated January 01, 2019 | https://codes.findlaw.com/al/title-27-insurance/al-code-sect-27-34-16/
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