299.330 Territory in which company may do business -- Change -- Removal of
204 words·~1 min read·
/ky/299-330A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
office.
(1)No company shall insure any property located outside the limits of the territory
comprised in its certificate of incorporation, except that when a member lives on or
near the boundary line and has property both within and without the prescribed
boundary, his property without the boundary may be insured.
(2)Any company, by a majority vote of its membership, or by a majority vote of its
board of directors at any meeting where there is a legal quorum of directors in
session, may change the territory in which it is incorporated to do business to as few
or as many counties in this state as it may see fit to include in its territory. The
change of territory shall be effective upon the members of the board of directors
filing a proper certificate of such action with the commissioner.
(3)The board of directors may, by resolution duly passed at any regular meeting,
remove the office of the company to any municipality in which it is authorized to do
business. The removal shall not be made until after the expiration of five
(5)days
from the passage of the resolution and the filing of a copy in the office of the
commissioner.