58-35-22. Contents of bylaws.
146 words·~1 min read·
/sd/title-58/chapter-58-35/58-35-22·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bylaws of a farm mutual insurer shall provide:
(1)The extent of liability of each member for payment of the expenses and losses of the insurer;
(2)The time when obligations of members for losses and expenses become due;
(3)The terms of office of the directors; at least part of the directors shall be elected at each annual meeting of members, and the term of any director shall not be longer than three years;
(4)The date of the annual meeting of the members. Each member shall be permitted to cast at least one vote, either in person or, if authorized by the bylaws, by proxy, for each director to be elected and upon any other matter;
(5)The method of selecting directors in event of resignation, disability, or death; and
(6)The method of giving notice of annual and special meetings of members.