376.146. Board of directors or trustees of mutual, membership qualifications, term of office.
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/mo/chapter-376/376-146A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
376.146. Board of directors or trustees of mutual, membership qualifications, term of office. — 1. The corporate powers of a mutual life insurance corporation shall be exercised by, and its business and affairs shall be controlled by, a board of directors or trustees composed of not less than three nor more than twenty-one natural persons who are policyholders or members of the corporation. The members of such board shall be at least eighteen years of age, and at least three members must be residents and citizens of this state.
2. In order to secure continuity of membership in its board of directors or trustees, the articles of incorporation of any mutual life insurance corporation may provide for division of the board into not more than three classes, as nearly equal in number as possible, and may fix the term of office for each class.
3. Unless such provision is made in the articles of incorporation, all directors and trustees shall be elected annually.
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(L. 1957 p. 224 §§ 6, 7, A.L. 1976 S.B. 490)