State Codes and Statutes
Statutes > Kansas > Chapter40 > Article2 > Statutes_1696040-261
40-261. Same; effective provisions of law if emergency bylaws notadopted at time emergency occurs.In the event that the board of directors of a domestic insurance companyhas not adopted emergency bylaws, the following provisions shall becomeeffective upon the occurrence of such national emergency:
(1) Three (3) directors shall constitute a quorum for the transaction ofbusiness at all meetings of the board.
(2) Any vacancy in the board may be filled by a majority of theremaining directors, though less than a quorum, or by a sole remainingdirector.
(3) If there are no surviving directors, but at least three (3)vice-presidents of the company survive, the three (3) vice-presidents withthe longest term of service shall be the directors and shall possess all ofthe powers of the previous board of directors and such powers as aregranted herein or by subsequently enacted legislation. By majority votesuch emergency board of directors may elect other directors. If there arenot at least three (3) surviving vice-presidents, the commissioner ofinsurance or duly designated person exercising the powers of commissionerof insurance shall appoint three (3) persons as directors who shall possessall of the powers of the previous board of directors and such powers as aregranted herein or by subsequently enacted legislation, and these persons bymajority vote may elect other directors.
History: L. 1965, ch. 312, § 3; June 30.
