ARTICLE 1. Formation and Organization [5050. - 5063.]
Article 1 enacted by Stats. 1935, Ch. 145.
§§ 5050–5063 · 16 sections
- § 5050 Two hundred fifty (250) or more persons residing in one county of this State may incorporate for the purpose of forming a mutual fire insurer upon all such…
- § 5050.1 If such persons have not performed all acts and secured all agreements necessary to complete the incorporation of such insurer within one year from the date of…
- § 5050.5 Any county mutual fire insurer heretofore or hereafter incorporated and doing business under the provisions of this chapter may, if it has issued an insurance…
- § 5051 Upon the payment in advance of seven thousand fifty-five dollars ($7,055) to the commissioner for all services to be rendered by him or her in the matter of…
- § 5052 The commissioner shall examine the proposed articles of incorporation. If they conform to this chapter he shall deliver to such persons a certificate…
- § 5053 The duly executed articles of incorporation and a copy of the certificate of the commissioner shall be filed with the Secretary of State in conformity with…
- § 5054 The articles of incorporation and certificate obtained by any county mutual fire insurer operating under the provisions of this chapter are subject to control…
- § 5055 The by-laws and all amendments thereto shall be filed with the commissioner within sixty days after their adoption.
- § 5056 Such insurer shall have not less than seven, nor more than 11 directors, a majority of whom shall constitute a quorum to do business. The by-laws or the…
- § 5057 The annual meeting of the members of the insurer shall be held on the second Monday of February of each year, unless its board of directors fixes the time for…
- § 5058 In the election of the first board of directors each member shall be entitled to one vote. At every subsequent election each member shall be entitled to as…
- § 5059 A member may cast his votes in person or by proxy, distributing them among the directors to be elected, or among a less number of the directors, or cumulating…
- § 5060 The directors shall elect, from their own number, a president and a vice president. They shall also elect a treasurer and a secretary, who need not be members…
- § 5061 The treasurer and secretary shall give bonds to the insurer for the faithful performance of their duties, in such amounts as are prescribed by the board of…
- § 5062 No incorporators or persons acting in their behalf or other persons participating in the management of such insurer shall advance to or for the subscribers or…
- § 5063 No such insurer may enter into any general agency or management contract whereby it authorizes or delegates to a person the right to assume virtual control of…