17B:18-29. Election of directors in mutual insurer issuing temporary stock
81 words·~1 min read·
/nj/title-17b/chapter-18/17b-18-29·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A bare majority of the entire board of directors of a domestic mutual insurer which issues temporary capital stock, as provided in section 17B:18-9, shall be elected by the holders of the temporary stock, and the rest of the directors shall be elected by the policyholders, in the manner and with the representation provided in its certificate of incorporation. After the retirement of the capital stock all the directors shall be so elected by the policyholders.
L.1971, c. 144, s. 17B:18-29.