Sec. 887.502. AUTHORIZATION TO CONVERT. An association may convert to a stock legal reserve life insurance company if the association: (1) has at least $100,000 in the association's mortuary fund at the time of conversion; and (2) except as provided by Section 887.508 , possesses: (A) capital in an amount equal to at least $700,000 cash; and (B) surplus in an amount equal to at least $700,000 cash.
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