500.5804 Domestic mutual insurers; incorporation.
101 words·~1 min read·
/mi/chapter-500/500-5804A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
500.5804 Domestic mutual insurers; incorporation.
Sec. 5804.
(1)Any number of persons, not less than 20, a majority of whom shall be bona fide residents of this state, by complying with the provisions of this chapter, may become together with others who may hereafter be associated with them or their successors, a body corporate, for the purpose of carrying on the business of mutual insurance as herein provided.
(2)Any persons proposing to form any such insurer shall subscribe and acknowledge articles of incorporation in accordance with chapter 50.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218