83-31-163 - Bylaws.

§ 83-31-163. Bylaws.
 

(1)  The initial board of directors of a mutual insurance holding company shall adopt bylaws. 

(2)  The bylaws shall provide: 

(a) That each member is entitled to one (1) vote upon each matter coming to a vote at meetings of members or to more votes in accordance with a reasonable classification of members as set forth in the bylaws and based upon the amount of insurance in force with the mutual insurance holding company's subsidiaries or upon the amount of the premiums paid to the mutual insurance holding company's subsidiaries by such member or upon other reasonable factors. The bylaws shall provide that a member has the right to vote in person or by his written proxy. The bylaws may specify the mode of voting by proxy and other requirements relating to voting by proxy consistent with procedures used by mutual insurance companies in accordance with Section 83-31-9 et seq. 

(b) For the election of directors by the members and the number, qualifications, terms of office, subject to the requirements of Section 83-31-165. 

(c) For the time, notice and conduct of annual and special meetings of members and voting thereat. 

(d) For the number, designation, election, terms and powers and duties of the respective corporate officers. 

(e) For deposit, custody and disbursement of and accounting for corporate funds. 

(f) That a quorum at all annual and special meetings of members shall consist of all members present and voting in person or by proxy, after due notice of such meeting. 

(g) For any other reasonable provisions customary, necessary or convenient for the management or regulation of the company's corporate affairs not inconsistent with law. 

(3)  Within thirty (30) days of adoption of any bylaws or any modification thereof or addition thereto, a mutual insurance holding company shall file with the commissioner a copy, certified by the mutual insurance holding company's secretary, of such bylaws and of every modification thereof or addition thereto, which shall be subject to the approval of the commissioner. The insurer shall not, after receiving written notice of such disapproval and during the existence thereof, effectuate any bylaw provision disapproved by the commissioner. 
 

Sources: Laws,  1998, ch. 576, § 31, eff from and after July 1, 1998.