§ 58-8-15. Directors in mutual companies.
§ 58‑8‑15. Directors in mutual companies.
Every mutual insurance companyshall elect by ballot a board of not less than seven directors, who shallmanage and conduct its business and hold office for one year or for such termas the bylaws provide and until their successors are qualified. The directorsneed not be residents of this State or members of the company. In companieswith a guaranty capital, no more than one‑half of the directors shall beelected by the holders of guaranty capital, except where guaranty capitalholders are policyholders. Policyholders which are holders of guaranty capitalshall be entitled to one vote for each policy that person holds and one votefor each unit of guaranty capital that person holds. (1899, c. 54, s. 33; Rev., s.4739; C.S., s. 6349; 1945, c. 386; 1971, c. 751; 2003‑212, s. 14.)