Sec. 8224.
If the supreme governing body approves the plan of transformation, the board of directors or other managing body of such society shall submit the plan to a referendum vote of the members of such society, and if the result of such vote shall show that the majority of the members of such society has voted to repeal the action of the supreme governing body, then the same shall be considered as repealed by such society and shall be null and of no effect.
History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254)
Section 500.8206 - Reorganization; Proposed Articles and Bylaws; Filing With Insurance Commissioner.
Section 500.8208 - Reorganization; Hearing on Petition.
Section 500.8210 - Reorganization; Member's Right to Appear.
Section 500.8212 - Reorganization; Examination; Witnesses.
Section 500.8214 - Reorganization; Authorization by Insurance Commissioner; Modification.
Section 500.8216 - Reorganization; Order; Disposition of Assets.
Section 500.8218 - Reorganization; Submission of Plan to Governing Body of Society; Meeting.
Section 500.8220 - Reorganization; Special Meeting; Notice; Approval; Required Vote; Proxies.
Section 500.8224 - Reorganization; Members; Referendum.
Section 500.8228 - Reorganization; Plan; Approval by Insurance Commissioner; Vote; Results.
Section 500.8232 - Reorganization; Plan; Adoption Requirements.
Section 500.8240 - Applicability of MCL 500.8204 to 500.8232.
Section 500.8242 - Reorganization; Effect; Continuation of Original Corporation; Powers; Officers.
Section 500.8246 - Amendment or Reincorporation; Saving Clause.
Section 500.8250 - Liens Upon Certificates; Notices to Members; Application of Section.
Section 500.8254 - Certificates of Membership; Valuation; Reserve; Annual Statement.