1. If, upon examination made by him, the said director of the department of commerce and insurance shall find that the company has been duly reorganized as provided by this chapter, and that its assets, capital, premium notes and investments are such as set forth in the articles of association required in sections 379.585 to 379.625, and that such company is in sound and solvent condition, according to the insurance statutes of this state, he shall deliver to the officers thereof a certificate to that effect, and an authorization to do business under the general insurance statutes of this state.

2. Thereupon the charter of said company shall be held and shall be considered as surrendered, and the articles of association and the general insurance statutes of this state substituted in lieu thereof.

3. Any and all special privileges contained in said charter contrary to or not conferred by said articles of association and general insurance statutes shall cease and determine, and thereafter, unless sooner determined by proceedings under the general statutes, said company shall continue as a corporation, and possess all the powers and franchises conferred by and be subject to all the provisions of the general insurance statutes of this state, and for the term specified in the articles of association; provided, however, that said company as reorganized shall not be deemed a new corporation, nor shall such reorganization, under and by the acceptance of the provisions of the general insurance statutes, change or affect the title of said company to its assets, nor change or affect its membership nor its policies of insurance or other obligations and contracts then existing; but all such shall remain, belong to and be obligatory upon said company as reorganized, in the same manner and with the same effect as under its charter and before such reorganization they pertained to and were held by and were obligatory upon said company, subject to the general insurance and corporation laws of this state.