Section 7304. Conversion of fraternal benefit societies into mutual life insurance companies

Any domestic fraternal benefit society, as  defined  in  subsection  (a)  of  section  four thousand five hundred one of this
  chapter, may be converted into and licensed as a mutual  life  insurance
  company, to furnish the kinds of benefits authorized by such section, by
  compliance  with  all  the  requirements  of  section  four thousand two
  hundred eight of this chapter  if  such  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  directors  or other executive body
  charged with responsibility for  management  of  the  society's  affairs
  shall,  after adopting the plan, submit it to the supreme governing body
  of such society at any regular or special meeting thereof, 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 laws of  the  society  for
  the  convocation  of  such  supreme governing body in regular or special
  session, as the case may be. The affirmative votes of two-thirds of  all
  members  of  such  supreme  governing  body  shall  be necessary for the
  approval of such plan. The superintendent may give his  approval  if  he
  finds  that  the proposed conversion conforms to the requirements of law
  and is not prejudicial to the certificate holders of the society.