Section 83-31-131 - Results on plan effective date

(1) On the effective date of the conversion:(a) The corporate existence of the mutual insurance company continues in the converted stock company; and(b) All assets, rights, franchises and interests of the mutual insurance company in and to property, real, personal or mixed, and any accompanying things in action, are vested in the converted stock company, without a deed or transfer, and the converted stock company assumes all the obligations and liabilities of the mutual insurance company.(2) Unless otherwise specified in the conversion plan, the directors and officers of the mutual insurance company serving on the effective date of the conversion serve as directors and officers of the converted stock company until new directors and officers of the converted stock company are elected under the articles of association and bylaws of the converted stock company. Laws, 1998, ch. 576, § 15, eff. 7/1/1998.