Sec. 8242.
Any such society so transformed, shall incur the obligations and enjoy the benefits thereof the same as though originally thus incorporated, and such corporation, under its charter as thus amended, shall be a continuation of such original corporation, and the officers thereof shall serve through their respective terms as provided in the original charter, but their successors shall be elected and serve as in such amended articles provided. Any society so transformed shall have the power to acquire, own, hold, lease, mortgage, sell and convey personal and real property, and to provide the necessary funds, and to do all things necessary for the purpose of operating and maintaining such hospitals, asylums, sanitariums, schools, or homes as it was operating and maintaining when so transformed and it shall have the power to discontinue operating and maintaining the same and to lease, mortgage, sell and convey the personal and real property acquired for use in connection therewith.
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.