§ 58‑8‑60. Independent charters for members of the Farmers Mutual Fire InsuranceAssociation of North Carolina.
(a) Each branch of theFarmers Mutual Fire Insurance Association of North Carolina("Association"), created by Chapter 343 of the 1893 Private Laws ofNorth Carolina, as amended, shall adopt articles of incorporation by a majorityvote of its board of directors.
(b) The articles ofincorporation shall provide for the name of the corporation, to be approved bythe Commissioner; the kinds of insurance it proposes to transact and on whatbusiness plan or principle; and the place of its location in the State. Thecertificate of incorporation must be subscribed and sworn to by a majority ofthe board of directors before an officer authorized to take acknowledgement ofdeeds, who shall certify the certificate to the Commissioner. The Commissionershall review the certificate and articles of incorporation and file them withthe Secretary of State in accordance with G.S. 58‑7‑35.
(c) The independentlychartered former branches of the Association shall transact the same kinds ofinsurance and operate under the same business plan as they did as members ofthe Association. The assets of each independently chartered former branch shallremain the assets of the corporation to which the branch is converted pursuantto this section.
(d) The independentlychartered former branches of the Association may change their methods ofoperation upon compliance with G.S. 58‑8‑5 and applicableprovisions of this Chapter.
(e) The corporationscreated under this section are subject to applicable provisions of thisChapter.
(f) The corporationscreated under this section shall enjoy the same rights, privileges, andexemptions as enjoyed by the former Association.
(g) No officer normember of the board of directors of an independently chartered former branchshall incur any liability for actions taken in good faith pursuant to thissection. (1993,c. 495, s. 1; 2005‑424, s. 1.4.)
§ 58‑8‑60. Independent charters for members of the Farmers Mutual Fire InsuranceAssociation of North Carolina.
(a) Each branch of theFarmers Mutual Fire Insurance Association of North Carolina("Association"), created by Chapter 343 of the 1893 Private Laws ofNorth Carolina, as amended, shall adopt articles of incorporation by a majorityvote of its board of directors.
(b) The articles ofincorporation shall provide for the name of the corporation, to be approved bythe Commissioner; the kinds of insurance it proposes to transact and on whatbusiness plan or principle; and the place of its location in the State. Thecertificate of incorporation must be subscribed and sworn to by a majority ofthe board of directors before an officer authorized to take acknowledgement ofdeeds, who shall certify the certificate to the Commissioner. The Commissionershall review the certificate and articles of incorporation and file them withthe Secretary of State in accordance with G.S. 58‑7‑35.
(c) The independentlychartered former branches of the Association shall transact the same kinds ofinsurance and operate under the same business plan as they did as members ofthe Association. The assets of each independently chartered former branch shallremain the assets of the corporation to which the branch is converted pursuantto this section.
(d) The independentlychartered former branches of the Association may change their methods ofoperation upon compliance with G.S. 58‑8‑5 and applicableprovisions of this Chapter.
(e) The corporationscreated under this section are subject to applicable provisions of thisChapter.
(f) The corporationscreated under this section shall enjoy the same rights, privileges, andexemptions as enjoyed by the former Association.
(g) No officer normember of the board of directors of an independently chartered former branchshall incur any liability for actions taken in good faith pursuant to thissection. (1993,c. 495, s. 1; 2005‑424, s. 1.4.)
§ 58‑8‑60. Independent charters for members of the Farmers Mutual Fire InsuranceAssociation of North Carolina.
(a) Each branch of theFarmers Mutual Fire Insurance Association of North Carolina("Association"), created by Chapter 343 of the 1893 Private Laws ofNorth Carolina, as amended, shall adopt articles of incorporation by a majorityvote of its board of directors.
(b) The articles ofincorporation shall provide for the name of the corporation, to be approved bythe Commissioner; the kinds of insurance it proposes to transact and on whatbusiness plan or principle; and the place of its location in the State. Thecertificate of incorporation must be subscribed and sworn to by a majority ofthe board of directors before an officer authorized to take acknowledgement ofdeeds, who shall certify the certificate to the Commissioner. The Commissionershall review the certificate and articles of incorporation and file them withthe Secretary of State in accordance with G.S. 58‑7‑35.
(c) The independentlychartered former branches of the Association shall transact the same kinds ofinsurance and operate under the same business plan as they did as members ofthe Association. The assets of each independently chartered former branch shallremain the assets of the corporation to which the branch is converted pursuantto this section.
(d) The independentlychartered former branches of the Association may change their methods ofoperation upon compliance with G.S. 58‑8‑5 and applicableprovisions of this Chapter.
(e) The corporationscreated under this section are subject to applicable provisions of thisChapter.
(f) The corporationscreated under this section shall enjoy the same rights, privileges, andexemptions as enjoyed by the former Association.
(g) No officer normember of the board of directors of an independently chartered former branchshall incur any liability for actions taken in good faith pursuant to thissection. (1993,c. 495, s. 1; 2005‑424, s. 1.4.)
