§ 4502. Incorporation and licensing of domestic societies; meeting of\nsupreme governing body. An authorized domestic society may be organized\nand licensed in the manner prescribed in this section, and subject to\nthe other requirements of this chapter applicable thereto. The\nsuccessive steps shall be as follows:\n (a) The proposed incorporators, who shall be natural persons,\ncitizens of the United States and a majority of whom shall be citizens\nof this state, and who shall be not less than fifteen in number, shall\nsubmit to the superintendent in writing the proposed name of the society\nand the county in which its principal office will be located. Such name\nshall contain a word or words indicating the fraternal character of such\nsociety, and shall not contain any of the following words: "insurance",\n"assurance", "life", "accident", "health", "annuity", "guaranty",\n"company", "corporation", "indemnity", "endowment", "guarantee",\n"casualty", "surety", "fidelity", or "underwriters", or any other word\nor words which in the judgment of the superintendent would be likely to\nbe deceptive or misleading as to the character and purposes of such\nsociety. Such proposal shall be subscribed with the name and address of\neach such incorporator.\n (b) If the superintendent approves the proposed name of the society\nas conforming to the requirements of subsection (g) of section one\nthousand one hundred two of this chapter and not inconsistent with other\nrequirements of law, he shall so notify the proposed incorporators, or\ntheir representative, in writing. Such approval shall become void if\nwithin six months from the date thereof the declaration and charter of\nsuch society have not been filed pursuant to this section.\n (c) The proposed incorporators shall make and subscribe (giving their\naddresses) and affirm as true under the penalties of perjury, a\ndeclaration and charter, both in the English language, and shall file\nthe same with the superintendent, together with duly certified copies of\nthe proposed constitution, by-laws, rules and regulations, all proposed\nforms of certificates or other evidences of insurance or annuity\ncontracts, or both, all applications therefor and riders or endorsements\nto be used in connection therewith, all circulars to be issued by the\nsociety, and a table or schedule showing the rates of premium or other\nperiodical contribution to be charged by such society for any insurance\nor annuity benefits to be provided by it. Such declaration shall state\nthe intention of the proposed incorporators to form a society for the\npurpose of providing insurance benefits permissible under the provisions\nof this article, and for other purposes not inconsistent with the\nprovisions of this chapter. The proposed charter shall contain the\nfollowing:\n (1) the name of the proposed society, approved as aforesaid;\n (2) the place where such society will have its principal office,\nwhich shall be in this state;\n (3) the general, fraternal, altruistic, educational, patriotic,\nrecreational and other purposes of such society, and the kinds of\ninsurance benefits to be provided by it, specified in accordance with\nsection four thousand five hundred five of this article;\n (4) the mode and manner in which its corporate powers are to be\nexercised;\n (5) the number of directors shall not be less than nine of which at\nleast four must not be officers or employees of the society. The charter\nof such society shall provide that the number of directors shall be\nincreased to not less than thirteen within one year following the end of\nthe calendar year in which the society exceeded five hundred million\ndollars in admitted assets. "Number of directors" herein means the total\nnumber of directors which the society would have if there were no\nvacancies;\n (6) the times and manner of electing its directors and officers, the\nmanner of filling vacancies in such offices, and a provision that
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