Pennsylvania Statutes Title 40 P.S. Insurance § 595. Cancellation of stock; name, powers, etc., of converted corporation

When such corporation shall have acquired all the shares of the capital stock thereof, the same shall be duly canceled by such corporation, and such fact shall be set forth in duplicate certificates to be executed by the secretary of such corporation under the seal thereof. One of said certificates shall be filed in the office of the Secretary of the Commonwealth, and the other thereof shall be filed in the office of the Insurance Commissioner, whereupon all rights of the stockholders of such corporation to vote at any meeting of such corporation or to retain any interest in such corporation or in the property or assets thereof shall absolutely cease and determine, and thereupon such corporation shall be and become a mutual life insurance corporation under such new corporate name or title as may have been adopted in and by the plan aforesaid, and the Secretary of the Commonwealth shall issue to such corporation a certificate, under his hand and the seal of his office, granting to such corporation the use of said new corporate name or title, and such corporation shall be and become subject to the provisions of, and have and enjoy the rights and privileges and exercise the powers conferred by, the then existing general act or acts of this Commonwealth providing for the incorporation of mutual life insurance companies, in lieu of the provisions of and the rights and privileges conferred by any general or special act or acts theretofore governing such corporation.