No corporation of this state, organized or doing business under the provisions of
sections 377.010 to 377.190, shall transfer its risks to or reinsure them in any other corporation, unless the
contract of transfer or reinsurance is first submitted to and approved by a two-thirds
vote of a meeting of the insured, called to consider the same, of which meeting a
written or printed notice shall be mailed to each policy or certificate holder, at
least ten days before the day fixed for said meeting; and in case said transfer or
reinsurance shall be approved, every policy or certificate holder of said corporation
who shall file with the secretary thereof, within five days after said meeting, written
notice of his preference to be transferred to some other corporation than that named
in the contract, shall be accorded all the rights and privileges in aid of such transfer
as would have been accorded under the terms of said contract had he been transferred
to the corporation named therein; but no such transfer shall be valid until the terms
and conditions shall have been fully submitted to the director of the department of
commerce and insurance, and have been approved by him.
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