33-3-305. Directors -- number and election.
113 words·~1 min read·
/mt/title-33/chapter-3/part-3/33-3-305·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-3-305 . Directors -- number and election.
(1)The affairs of every domestic insurer must be managed by the number of directors fixed in the insurer's bylaws, which may not be less than 5 or more than 21 directors.
(2)Directors must be elected by the members or stockholders of a domestic insurer, except as provided in 33-3-306 , at the time and place and for the terms, not exceeding 3 years, as may be provided in the insurer's bylaws. A majority of directors must be elected from the members or stockholders of the domestic insurer.
(3)The term of a director shall extend until a successor has been elected and has qualified.