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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 377

previous next Effective - 28 Aug 1939bottom

  377.170.  Acceptance of regular life insurance law by assessment companies — past contracts not affected. — 1.  Any domestic life or accident insurance corporation, company or association existing or doing business in this state under sections 377.010 to 377.190, providing for insurance on the assessment plan, may, by a majority vote of its directors or trustees, accept the provisions of sections 376.010 to 376.670 and amend its articles of incorporation and its bylaws to conform to said sections, the same as if it had originally been incorporated thereunder, and shall submit a record of the proceedings of its board of trustees together with the amended articles to the attorney general for his examination and approval of the legal form thereof, and shall file such amended articles in the office of the secretary of state, and a certified copy of the same in the office of the director of the department of commerce and insurance of the state of Missouri, and deposit with said director such securities as may be required of corporations originally incorporated under sections 376.010 to 376.670.

  2.  Insurance corporations, companies and associations complying with the provisions of this section shall thereafter enjoy and exercise all of the rights and privileges accorded by law to companies originally incorporated under sections 376.010 to 376.670.

  3.  Compliance with this section shall in no wise annul, modify or change any of the existing contracts or obligations of the corporation, and any and all such contracts and liabilities shall continue in force and effect the same as if such corporation had not reincorporated under the provisions of this section, but all contracts and policies made subsequent to the compliance with the provisions of this section shall be interpreted and construed under the provisions of sections 376.010 to 376.670.

  4.  Compliance with the provisions of this section shall in no wise prejudice, impede or impair any pending action, proceeding or rights previously acquired.

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(RSMo 1939 § 5869)

Prior revisions: 1929 § 5758; 1919 § 6168


---- end of effective   28 Aug 1939 ----

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