Oregon Statutes 748.148 – Consolidation and merger
(1) A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the Director of the Department of Consumer and Business Services:
Terms Used In Oregon Statutes 748.148
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
- Certificate: means the document issued as written evidence of the benefit contract. See Oregon Statutes 748.103
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Impaired: means either:
(a) For a society that does not write variable contracts, whenever its assets are less than its total liabilities; or
(b) For a society that does write variable contracts, whenever its assets are less than its total liabilities, plus the required surplus for a mutual life insurer to write such contracts. See Oregon Statutes 748.103
- Laws: means the society's articles of incorporation, constitution and bylaws, however designated. See Oregon Statutes 748.103
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Society: means fraternal benefit society, unless otherwise indicated. See Oregon Statutes 748.103
(a) A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger;
(b) A sworn statement by the president and secretary or corresponding officers of each society showing the financial condition of the society on a date fixed by the director but not earlier than December 31, next preceding the date of the contract;
(c) A certificate of the officers, duly verified by their respective oaths, that the consolidation or merger has been approved by a two-thirds vote of the supreme governing body of each society, the vote being conducted at a regular or special meeting of each body, or, if the society’s laws so permit, by mail; and
(d) Evidence that at least 60 days prior to the action of the supreme governing body of each society, the text of the contract has been furnished to all members of each society either by mail or by publication in full in the official publication of each society.
(2) If the director finds that the contract is in conformity with the provisions of this section, that the financial statements are correct and that the consolidation or merger is just and equitable to the members of each society, the director shall approve the contract and issue a certificate to that effect. Upon approval, the contract shall be in full force and effect unless any society which is a party to the contract is incorporated under the laws of any other state or territory. In such event the consolidation or merger shall not become effective unless and until it has been approved as provided by the laws of such state or territory and a certificate of approval filed with the director of this state or, if the laws of such state or territory contain no such provision, then the consolidation or merger shall not become effective unless and until it has been approved by the director of insurance of such state or territory and a certificate of approval filed with the director of this state.
(3) Upon the consolidation or merger becoming effective as provided in this chapter, all the rights, franchises and interests of the consolidated or merged societies in and to every species of property, real, personal or mixed, and things in action thereunto belonging shall be vested in the society resulting from or remaining after the consolidation or merger without any other instrument, except that conveyances of real property may be evidenced by proper deeds, and the title to any real estate or interest therein, vested under the laws of this state in any of the societies consolidated or merged, shall not revert or be in any way impaired by reason of the consolidation or merger, but shall vest absolutely in the society resulting from or remaining after consolidation or merger.
(4) The affidavit of any officer of the society or of anyone authorized by it to mail any notice or document, stating that the notice or document has been duly addressed and mailed, shall be prima facie evidence that the notice or document has been furnished the addressees. [1987 c.490 § 15]
[Formerly 740.120; repealed by 1987 c.490 § 58]
[Formerly 740.140; repealed by 1987 c.490 § 58]
[Formerly 740.040; repealed by 1987 c.490 § 58]
[Formerly 740.510; repealed by 1987 c.490 § 58]
[1967 c.359 § 609; repealed by 1987 c.490 § 58]
LICENSING AND REINSURANCE