58-5-39. Bylaws of domestic mutual insurer--Adoption, modification, and revocation.
65 words·~1 min read·
/sd/title-58/chapter-58-5/58-5-39A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The initial board of directors of a domestic mutual insurer shall adopt bylaws, subject to the approval of the insurer's members at the next succeeding meeting by a two - thirds vote of those present in person or by proxy. The members shall have power by a two - thirds vote of those present in person or by proxy to make, modify, and revoke bylaws.