Sec. 8250.
If any fraternal benefit society, reorganizing under the provisions of this chapter shall have certificates in force, against the equity of which certificates a lien or other form of indebtedness has been placed, the society shall notify each member individually of the amount of his or her lien, and all accumulations thereto, at a date not more than 1 year prior to the effective date of such reorganization, and a similar individual notice shall be given every 5 years thereafter. The provisions of this section shall not apply to policy loans or premium loans, but only to liens or other forms of indebtedness created by the supreme governing body of the society, by a subordinate governing body, or by a vote of the membership during the time that the society was operating as a fraternal benefit society.
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.