58-5-82. Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director.
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/sd/title-58/chapter-58-5/58-5-82A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If there are no surviving directors, but at least three vice - presidents of the insurer survive, the three vice - presidents with the longest term of service shall be the directors and shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation. By majority vote such emergency board of directors may elect other directors. If there are not at least three surviving vice - presidents, the director of the Division of Insurance or duly designated person exercising the powers of the director shall appoint three persons as directors who shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation, and these persons by majority vote may elect other directors.