Kentucky Statutes 299.330 – Territory in which company may do business — Change — Removal of office
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(1) No company shall insure any property located outside the limits of the territory comprised in its certificate of incorporation, except that when a member lives on or near the boundary line and has property both within and without the prescribed boundary, his property without the boundary may be insured.
(2) Any company, by a majority vote of its membership, or by a majority vote of its board of directors at any meeting where there is a legal quorum of directors in session, may change the territory in which it is incorporated to do business to as few or as many counties in this state as it may see fit to include in its territory. The change of territory shall be effective upon the members of the board of directors filing a proper certificate of such action with the commissioner.
(3) The board of directors may, by resolution duly passed at any regular meeting, remove the office of the company to any municipality in which it is authorized to do business. The removal shall not be made until after the expiration of five (5) days from the passage of the resolution and the filing of a copy in the office of the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 894, effective July 15, 2010. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 703, 713, 720.
(2) Any company, by a majority vote of its membership, or by a majority vote of its board of directors at any meeting where there is a legal quorum of directors in session, may change the territory in which it is incorporated to do business to as few or as many counties in this state as it may see fit to include in its territory. The change of territory shall be effective upon the members of the board of directors filing a proper certificate of such action with the commissioner.
Terms Used In Kentucky Statutes 299.330
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Commissioner: means the commissioner of the Department of Insurance. See Kentucky Statutes 299.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Quorum: The number of legislators that must be present to do business.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) The board of directors may, by resolution duly passed at any regular meeting, remove the office of the company to any municipality in which it is authorized to do business. The removal shall not be made until after the expiration of five (5) days from the passage of the resolution and the filing of a copy in the office of the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 894, effective July 15, 2010. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 703, 713, 720.