83-31-10 - Existence in perpetuity; extension of time of life to perpetuity.
§ 83-31-10. Existence in perpetuity; extension of time of life to perpetuity.
(1) Whenever the period of existence of a mutual insurance company created with a life of fifty (50) years expires before the passage of this section, then every such mutual company that continues to do business for ninety (90) days after the passage of this section, by the doing of such business shall be deemed to have accepted an extension of the time of life of such mutual company to that of perpetuity. Such mutual company shall continue in existence as a de jure mutual company as fully and completely as if the articles of association had been thus amended before the end of the original fifty-year period. Likewise, whenever the period of existence of a mutual company created for a period of fifty (50) years expires hereafter, if such mutual company continues to do business thereafter for a period of ninety (90) days, the same shall operate as an acceptance of an extension of time of the life of such mutual company to that of perpetuity. Such mutual company shall continue in existence as a de jure mutual company as fully and completely as if the articles of association had been thus amended before the end of the original fifty-year period.
(2) When a mutual insurance company amends its articles of association in accordance with this section, it shall file within ninety (90) days thereafter in the Office of the Commissioner of Insurance a copy of the amended articles of association to show the extension of the time of life of such mutual company.
(3) This section shall in no way nullify any suit or claim accrued or to accrue before the effective date of this section.
Sources: Laws, 1993, ch. 309, § 2, eff from and after passage (approved March 4, 1993).