Section 885.451 - Conversion of Fraternal Benefit Society to Mutual or Stock Company(a) Subject to Subsection (b), a fraternal benefit society engaging in business in this state may convert to a mutual life insurance company or incorporated stock company by complying with this subchapter.(b) A fraternal benefit society may not convert to a mutual life insurance company or incorporated stock company except on terms that, in the commissioner's opinion, will fully protect the rights and interests of the society's members and holders of benefit certificates.Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.