Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of §§ 23-63-205 and 23-63-207 and other provisions of this code applicable to domestic mutual life legal reserve insurers. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such a plan. No such conversion shall take effect unless and until approved by the Insurance Commissioner, who may give such approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.
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