40-602. Formation; directors and officers; annual meeting.
40-602
40-602. Formation; directors and officers; annual meeting.Five or more persons of lawful age, citizens of this state, mayassociate themselves together for the purpose of forming a mutualassessment life association. The persons named in the articles ofincorporation shall constitute the directors or trustees of the associationfor the first year, and shall have power to fill all vacancies occurring inthe board in the manner provided in the bylaws of the association. Uponcomplying with the requirements of section 40-216, they may proceed tocomplete their organization by the election, by ballot, of a president andvice-president from among their number, and a secretary and treasurer, andsuch other officers as may be necessary for the complete performance of allthe business and objects of the association herein provided, to serve forone year, or until their successors are elected and qualified. Suchdirectors and officers shall be elected annually thereafter, at such timesas shall be fixed in the bylaws. The directors or trustees shall be electedby the certificate or policyholders at each annual meeting, eachcertificate or policyholder to be entitled to one vote for every directorto be elected. Notice of the annual meeting shall be given by thesecretary, by publication in some daily newspaper having generalcirculation in this state, at least once each week for four consecutiveweeks just prior to such meeting. The policies issued by such associations,as well as all other associations now transacting business in this state orhereinafter admitted, which policies shall include a copy of theapplication and medical examination, shall constitute the entire contractbetween the association and its members.
History: L. 1927, ch. 231, 40-602; June 1.