40-1005. Annual meeting of members; proxies.
40-1005
40-1005. Annual meeting of members; proxies.The annual meeting shall be held on or before March 1 in each year,on a day fixed by the bylaws of such company, at the principal office ofthe company, and every person insured shall be entitled to as many votes asthere are directors to be elected, and an equal additional number of votesas are provided for in the bylaws of the company which shall provide for anumber of votes based on policies in force, or a number of votes based uponinsurance in force, or based upon the amount of premiums paid, or anycombination thereof. Votes may be cast by proxy or in person, distributingthem among the same or a less number of candidates to be elected, orconcentrating them upon one (1) candidate, as may be thought fit; and aplurality shall elect, but no member shall hold and use theproxies of more than twenty-five (25) policyholders.
History: L. 1927, ch. 231, 40-1005; L. 1967, ch. 264, § 1;L. 1976, ch. 215, § 1; July 1.