State Codes and Statutes
Statutes > Maine > Title24a > Title24-Ach47sec0 > Title24-Asec3411Title 24-A: MAINE INSURANCE CODE
Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS
§3411. Directors
1. The affairs of every domestic insurer shall be managed by a board of directors consisting of not less than 7 directors or more than 21 directors.
[ 1969, c. 132, §1 (NEW) .]
2. Directors, other than initial directors named in the insurer's certificate of organization, shall be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than 3 years each and until their successors are elected and have qualified; and if to be elected for terms of more than one year the insurer's bylaws may provide for a staggered term system under which the terms of a proportionate part of the members of the board of directors shall expire on the date of each annual meeting of stockholders or members. A directorship becoming vacant before expiration of the term may be filled by the board of directors for the remainder of the term.
[ 1969, c. 132, §1 (NEW) .]
SECTION HISTORY
1969, c. 132, §1 (NEW).
