58-5-81. Quorum of directors during national emergency--Filling vacancies in board.
77 words·~1 min read·
/sd/title-58/chapter-58-5/58-5-81A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event that the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such a national emergency:
(1)Three directors shall constitute a quorum for the transaction of business at all meetings of the board; and
(2)Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.