§ 7303. Conversion of retirement systems into mutual life insurance
companies. Any retirement system licensed pursuant to article forty-six
of this chapter may be converted into and licensed as a mutual life
insurance company, to do the kinds of business specified in paragraphs
one, two and three of subsection (a) of section one thousand one hundred
thirteen of this chapter, provided that at the time of such conversion
it has a surplus of at least three million dollars and provided further
that its plan of conversion has been approved by the superintendent.
Such plan shall be submitted to the superintendent in writing and shall
set forth in full the terms and conditions thereof. The board of
trustees of the retirement system shall, after adopting such plan,
submit it to the members of such retirement system, as defined by its
constitution, by-laws or declaration of trust, at any regular or special
meeting of such members, by giving a full, true and correct copy of such
plan with notice of such meeting. Such notice shall be given as provided
in the constitution or by-laws or declaration of trust of such
retirement system for the convocation of such regular or special
meeting. The affirmative votes of two-thirds of the members of the
retirement system eligible to vote who vote in person or by proxy at
such regular or special meeting shall be necessary for the approval of
the plan. The superintendent may grant such approval if, after a hearing
upon the fairness of the plan after written notice of the hearing is
given to each member of the retirement system for distribution to
participants in its employ and publication in at least two newspapers of
general circulation, at which hearing such members and participating
employees will have a right to appear, the superintendent finds that the
proposed conversion conforms to the requirements of law and is fair to
the members and participating employees of such retirement system.