376.146. Board of directors or trustees of mutual, membership qualifications, term of office.
Board of directors or trustees of mutual, membership qualifications,term of office.
376.146. 1. The corporate powers of a mutual life insurancecorporation shall be exercised by, and its business and affairsshall be controlled by, a board of directors or trustees composedof not less than three nor more than twenty-one natural personswho are policyholders or members of the corporation. The membersof such board shall be at least eighteen years of age, and atleast three members must be residents and citizens of this state.
2. In order to secure continuity of membership in its boardof directors or trustees, the articles of incorporation of anymutual life insurance corporation may provide for division of theboard into not more than three classes, as nearly equal in numberas possible, and may fix the term of office for each class.
3. Unless such provision is made in the articles ofincorporation, all directors and trustees shall be electedannually.
(L. 1957 p. 224 §§ 6, 7, A.L. 1976 S.B. 490)