1. Any domestic life or accident insurance corporation, company or association existing
or doing business in this state under the stipulated premium plan law, may, by a majority
vote of its directors or trustees, accept the provisions of sections 376.010 to 376.670 and amend its articles of incorporation and its bylaws to conform to said law, the
same as if it had originally been incorporated thereunder, and shall submit a record
of the proceedings of its board of trustees, together with the amended articles, to
the attorney general for his examination and approval of the legal form thereof, and
shall file such amended articles in the office of the secretary of state and a certified
copy of same in the office of the director of the department of commerce and insurance,
and deposit with said director such securities as may be required of corporations
originally incorporated under sections 376.010 to 376.670.
2. Insurance corporations, companies and associations complying with the provisions
of this section shall thereafter enjoy and exercise all of the rights and privileges
accorded by law to companies originally incorporated under sections 376.010 to 376.670.
3. Compliance with this section shall in no wise annul, modify or change any of the
existing contracts or obligations of the corporation, and any and all such contracts
and liabilities shall continue in force and effect the same as if such corporation
had not reincorporated under the provisions of this section; compliance with the
provisions of this section shall in no way prejudice, impede or impair any pending
action, proceeding or rights previously acquired.
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