Sec. 21.69.300. Bylaws of stock insurer.
115 words·~1 min read·
/ak/title-21/chapter-69/21-69-300A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 21.69.300. Bylaws of stock insurer.
A bylaw adopted at a meeting of stockholders of a domestic insurer may not be modified or revoked except by the stockholders at a subsequent meeting unless the bylaw as adopted or amended by the stockholders grants authority to the board of directors to revoke or modify bylaw provisions; but the board of directors may not revoke or modify a bylaw relating to the qualifications, election, terms, or compensation of directors, or to the calling or notice of meetings of stockholders. A revocation or modification of bylaws made by the directors under this provision shall be presented at the next meeting of stockholders for the information of the stockholders.