J. MILLARD TAWES, Governor                     1157

(1)   A certified copy of the written contract containing in full the
terms and conditions of the consolidation or merger;

(2)   A sworn statement by the president and secretary or cor-
responding officers of each society showing the financial condition
thereof on a date fixed by the Commissioner but not earlier than
December 31, next preceding the date of the contract;

(3)   A certificate of such officers, duly verified by their respective
oaths, that the consolidation or merger has been approved by a
two-thirds vote of the supreme legislative or governing body of each
society; and

(4)   Evidence that at least sixty (60) days prior to the action of
the supreme legislative or governing body of each society, the text
of the contract has been furnished to all members of each society
either by mail or by publication in full in the official organ of each
society.

(b)   The affidavit of any officer of the society or of anyone au-
thorized by it to mail any notice or document, stating that such notice
or document has been duly addressed and mailed, shall be prima
facie evidence that such notice or document has been furnished the
addressees.

(c)   If the Commissioner finds that the contract is in conformity
with the provisions of this section, that the financial statements are
correct and that the consolidation or merger is just and equitable to
the members of each society, he shall approve the contract and issue
his certificate to such effect. Upon such approval, the contract shall
be in full force and effect unless any society which is a party to the
contract is incorporated under the laws of any other state. In such
event the consolidation or merger shall not become effective unless
and until it has been approved as provided by the laws of such state
and a certificate of such approval filed with the Commissioner or,
if the laws of such state contain no such provision, then the con-
solidation or merger shall not become effective unless and until it
has been approved by the insurance supervisory official of such
state and a certificate of such approval filed with the Commissioner.

349.    Consolidations and Mergers—Effect.

Upon the consolidation or merger becoming effective as provided
in section 348, all the rights, franchises and interests of the con-
solidated or merged societies in and to every species of property, real,
personal or mixed, and things in action thereunto belonging shall be
vested in the society resulting from or remaining after the consoli-
dation or merger without any other instrument; except that con-
veyances of real property may be evidenced by proper deeds, and
the title to any real estate or interest therein, vested under the laws
of this State in any of the societies consolidated or merged, shall not
revert or be in any way impaired by reason of the consolidation or
merger, but shall vest absolutely in the society resulting from or
remaining after such consolidation or merger.

350.    Conversion into Mutual Life Insurer.

Any domestic fraternal benefit society may be converted and li-
censed as a mutual life insurer by compliance with the applicable re-
quirements of subtitle 17 of this article, if such plan of conversion