No domestic society shall merge with or accept the transfer of the membership or funds of any other society unless such merger or transfer is evidenced by a contract in writing, setting out in full the terms and conditions of such merger or transfer and filed with the commissioner of insurance of this state, together with a sworn statement of the financial condition of each of said societies by its president and secretary, or corresponding officers, and a certificate of such officers, duly verified under oath of said officers of each of the contracting societies, that such merger or transfer has been approved by a majority of the votes cast by the members of the supreme legislative or governing body of each of the said societies.
Upon the submission of said contract, financial statements, and certificates, the commissioner of insurance shall examine the same and, if he shall find such financial statements to be correct and the said contract to be in conformity with the provisions of this section and that such merger or transfer is just and equitable to the members of each of said societies, he shall approve said merger or transfer, issue his certificate to that effect, and thereupon the said contract of merger or transfer shall be of full force and effect.
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