§ 8-406. Retention of powers by existing incorporated societies

Latest version.

(a) In general. -- An incorporated society authorized to transact insurance business in the State on December 31, 1963, may exercise all the rights, powers, and privileges prescribed in this subtitle and in the charter or articles of incorporation of the society to the extent consistent with this subtitle.

(b) Reincorporation not required. -- A domestic society is not required to reincorporate.

HISTORY: An. Code 1957, art. 48A, § 316; 1995, ch. 36.

                    
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