40-502.Directors and officers;vacancies; elections.(a) The affairs of any mutual life insurance company now existing orhereafter organized under the laws of this state shall be managed by aboard of not more than 25 nor less than fivedirectors.Any vacancy in the board shall be filled by the remaining members until thenext annual meeting of the policyholders, at which time a successor shallbe elected to fill the unexpired term.
(b) The director shall be elected by ballot, and each person who is apolicyholder shall be entitled to one vote. Policyholders may vote byproxy, signed by the person legally entitled to vote the same. Eachpolicyholder shall have the right to cast as many votes in the aggregate asshall equal the number of directors to be regularly elected, and eachpolicyholder, in person or by proxy, may cast the whole number of votes forone candidate or may divide such policyholder's votes amongtwo or more candidates. A majority of the number of directors shallconstitute a quorumforthe transaction of business.
(c) Every mutual life insurance company, now existing or hereafterorganized under the laws of this state, shall have such officers with suchtitles and duties as shall be stated in the bylaws or in a resolution of theboard of directors which is not inconsistent with the bylaws.
(d) Officers shall be chosen in such manner and shall hold their offices forsuch terms as are prescribed by the bylaws or determined by the board ofdirectors or other governing body.
History: L. 1927, ch. 231, 40-502;L. 2005, ch. 41, § 3;L. 2007, ch. 30, § 1; July 1.
40-502.Directors and officers;vacancies; elections.(a) The affairs of any mutual life insurance company now existing orhereafter organized under the laws of this state shall be managed by aboard of not more than 25 nor less than fivedirectors.Any vacancy in the board shall be filled by the remaining members until thenext annual meeting of the policyholders, at which time a successor shallbe elected to fill the unexpired term.
(b) The director shall be elected by ballot, and each person who is apolicyholder shall be entitled to one vote. Policyholders may vote byproxy, signed by the person legally entitled to vote the same. Eachpolicyholder shall have the right to cast as many votes in the aggregate asshall equal the number of directors to be regularly elected, and eachpolicyholder, in person or by proxy, may cast the whole number of votes forone candidate or may divide such policyholder's votes amongtwo or more candidates. A majority of the number of directors shallconstitute a quorumforthe transaction of business.
(c) Every mutual life insurance company, now existing or hereafterorganized under the laws of this state, shall have such officers with suchtitles and duties as shall be stated in the bylaws or in a resolution of theboard of directors which is not inconsistent with the bylaws.
(d) Officers shall be chosen in such manner and shall hold their offices forsuch terms as are prescribed by the bylaws or determined by the board ofdirectors or other governing body.
History: L. 1927, ch. 231, 40-502;L. 2005, ch. 41, § 3;L. 2007, ch. 30, § 1; July 1.
40-502.Directors and officers;vacancies; elections.(a) The affairs of any mutual life insurance company now existing orhereafter organized under the laws of this state shall be managed by aboard of not more than 25 nor less than fivedirectors.Any vacancy in the board shall be filled by the remaining members until thenext annual meeting of the policyholders, at which time a successor shallbe elected to fill the unexpired term.
(b) The director shall be elected by ballot, and each person who is apolicyholder shall be entitled to one vote. Policyholders may vote byproxy, signed by the person legally entitled to vote the same. Eachpolicyholder shall have the right to cast as many votes in the aggregate asshall equal the number of directors to be regularly elected, and eachpolicyholder, in person or by proxy, may cast the whole number of votes forone candidate or may divide such policyholder's votes amongtwo or more candidates. A majority of the number of directors shallconstitute a quorumforthe transaction of business.
(c) Every mutual life insurance company, now existing or hereafterorganized under the laws of this state, shall have such officers with suchtitles and duties as shall be stated in the bylaws or in a resolution of theboard of directors which is not inconsistent with the bylaws.
(d) Officers shall be chosen in such manner and shall hold their offices forsuch terms as are prescribed by the bylaws or determined by the board ofdirectors or other governing body.
History: L. 1927, ch. 231, 40-502;L. 2005, ch. 41, § 3;L. 2007, ch. 30, § 1; July 1.
