N.Y. Insurance Law 4211 – Election of directors of domestic stock life insurance companies
§ 4211. Election of directors of domestic stock life insurance companies. (a) No election of directors of a domestic stock life insurance company shall be valid unless a copy of the notice of election shall have been filed in the office of the superintendent at least ten days before the day of such election in addition to the service thereof, as required by § 605 of the business corporation law.
Terms Used In N.Y. Insurance Law 4211
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) Whenever any directors of such a company shall have resigned and successors shall have been chosen pursuant to the provisions of the by-laws, such successors shall not take office nor exercise their duties until ten days after written notice of their election shall have been filed in the office of the superintendent.
(c) Policyholders of such an insurance company shall be eligible for election as directors or officers, whether or not they are shareholders.