ARTICLE 1. Formation and Organization [7080. - 7093.]
Article 1 enacted by Stats. 1935, Ch. 145.
§§ 7080–7093 · 14 sections
- § 7080 Five or more insurers, operating under Chapter 5 of this part and having insurance liabilities exceeding a total of $150,000 which they wish to reinsure, may…
- § 7081 Upon payment in advance of two hundred fifty dollars ($250) cash, lawful money of the United States, to the commissioner for all services to be rendered by him…
- § 7082 The declaration shall be signed by the president and secretary of each of the incorporators. It shall be accompanied by a certified copy of a resolution passed…
- § 7083 The articles shall be executed by each incorporator through its president or secretary, each signature being acknowledged as required by the general…
- § 7084 The commissioner shall examine the proposed articles of incorporation, and if they conform to this chapter, he shall deliver to such incorporators a…
- § 7085 Upon filing with the Secretary of State of the articles of incorporation and the certificate provided for in Section 7084, the incorporation of the reinsurer…
- § 7086 Three delegates shall be elected by each member at its regular annual meeting to represent it at all meetings of the reinsurer.
- § 7087 The delegates shall be elected by ballot and shall hold office for one year, or until their successors have been elected and qualified.
- § 7088 The annual meeting of the members of the reinsurer shall be held on the third Monday in February of each year.
- § 7089 At such meeting one director shall be elected from the delegates of each member so that the number of directors is equal to the number of members of the…
- § 7090 In the election of the first board of directors each member insurer shall be entitled to one vote. At every subsequent election, each delegate from each member…
- § 7091 The directors of the reinsurer shall elect from their own number a president, a vice president, and an executive committee of three. They shall also elect a…
- § 7092 The directors and all of such officers shall hold office for one year from the date of their election, and until their successors are elected and qualified.
- § 7093 The treasurer and secretary shall give bonds to the reinsurer in such amounts as are prescribed by the board of directors, conditioned upon the faithful…