1. If, upon examination made by him, the said director shall find that the company
has been duly reorganized as provided by this chapter and that its capital is such
as set forth in the articles of association, and that its assets, capital, premium
notes and investments are of not less amount or value than required of new companies
organized under the insurance statutes of this state, and that such company is in
sound and solvent condition, according to the insurance statutes of this state, he
shall deliver to the officers a certificate to that effect, and an authorization to
do business under the general insurance statutes of this state.
2. Any and all special privileges, if any, contained in the original charter of the
company or contrary to or not conferred by said articles of association and the general
insurance statutes of this state shall cease and determine at the time originally
limited by law or its charter for the termination of its corporate existence, and
thereafter, unless sooner determined by proceedings under the general insurance statutes,
said company shall continue as a corporation and possess all the powers and franchises
conferred by and be subject to all the provisions of the general insurance statutes
of this state, and for the term specified in the articles of association; provided,
however, that said company as reorganized shall not be deemed a new corporation, nor
shall such reorganization and extension and continuance of the corporate existence
of said company under the general insurance statutes change or affect the title of
said company to its assets, nor change or affect its members nor its policies of insurance
or other obligations and contracts then existing; but all such shall remain, belong
to and be obligatory upon said company as reorganized, in the same manner and with
the same effect as under its charter and before such reorganization they pertained
to and were held by and were obligatory upon said company, subject to the general
insurance and corporation laws of this state.
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