44-373. Corporate directors, officers, and employees; insurance upon lives; requirements.
199 words·~1 min read·
/ne/chapter-44/44-373A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever a corporation, organized under the laws of this state, has heretofore caused or shall hereafter cause the life of any director, officer, agent or employee to be insured, or whenever such corporation is named as a beneficiary in, or assignee of, any policy of life insurance, due authority to assign, release, relinquish, convert, surrender, change the beneficiary, or to take any other or different action with reference to such insurance, shall be sufficiently evidenced to the insurance company by a written statement that the same has been approved by a majority of the board of directors, which statement shall be signed by the president and the secretary, or other corresponding officer, of such corporation, under its corporate seal.
Such statement shall be binding upon such corporation, and shall protect the insurance company concerned in any act done or suffered by it upon the faith thereof without further inquiry into the validity of the corporate authority or the regularity of the corporate proceedings. No person shall be disqualified, by reason of interest in the subject matter, from acting as a director or as a member of the executive committee of such corporation on any corporate act touching such insurance.