Kansas Statutes 40-775. Same; preservation of rights of members, policyholders and creditors of society as obligations of new corporation; appointment of commissioner as process agent
Terms Used In Kansas Statutes 40-775
- Commissioner: means the commissioner of insurance of this state. See Kansas Statutes 40-741
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Service of process: The service of writs or summonses to the appropriate party.
- Society: means fraternal benefit society, unless otherwise indicated. See Kansas Statutes 40-741
The rights of all members, policyholders and creditors, and the standing of all claims under the former fraternal benefit society shall be preserved unimpaired under the new corporation, and all debts, liabilities and duties of the former fraternal benefit society shall thenceforth attach to the reorganized corporation and may be enforced against it to the same extent as if the debts and liabilities had been incurred or contracted by the new corporation, and all outstanding benefit certificates or policies issued by the fraternal benefit society shall be valid obligations of the new corporation without the issuance of new policies. There shall be filed an instrument appointing the commissioner of insurance and the commissioner’s successor or successors in office the true and lawful attorney of such company for service of process, containing the same provisions and having the same effect as the instrument required by Kan. Stat. Ann. § 40-777.