380.041. Board of directors, election, qualifications, terms, officers — annual meeting of company, held when, notice of requirements.
289 words·~1 min read·
/mo/chapter-380/380-041A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
380.041. Board of directors, election, qualifications, terms, officers — annual meeting of company, held when, notice of requirements. — 1. Each Missouri mutual insurance company shall elect a board of at least five directors, each of whom shall be the owner of property insurance in the company. The directors shall be elected by a majority vote of the members voting at the annual meeting of the members for a term of not less than one year nor more than three years. The directors shall elect from their number a president and vice president.
The directors shall also select a secretary, treasurer and such additional officers as they may deem necessary, who may or may not be members of the company. The offices of secretary and treasurer may be occupied by one person.
2. Each Missouri mutual insurance company shall hold an annual meeting of its members on the date and time and at the place specified in its articles of incorporation; immediately thereafter, a separate meeting of the board of directors shall be held. If the articles of incorporation are silent as to the date, time and place of the annual meetings, those meetings shall be held on the first Monday in February and shall be held at the registered office of the corporation.
3. Notice of the annual meeting of the members shall be sent with or mailed with each policy, and shall be stamped or printed on the policy. Notice of the annual meeting shall also be published once a week for two weeks before the date of the meeting in some daily or weekly newspaper published in the county where the principal home office of the company is located.
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(L. 1984 H.B. 1498)
Effective 1-01-85