Kentucky Statutes 299.270 – Directors of reorganized company — Election — Powers
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Upon the receipt of the certificate from the commissioner authorizing the reorganized company to do business upon the stock or mutual plan, the stockholders may elect from among themselves directors, in accordance with the articles of incorporation and bylaws of the company and the laws of this state, to hold office until the ensuing annual meeting and until their successors have been duly elected and qualified. The directors so elected shall have all the rights and powers proper to be exercised by the directors of life insurance companies upon the mutual or stock plan.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 890, effective July 15, 2010. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 681b-7.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 299.270
- 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
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
History: Amended 2010 Ky. Acts ch. 24, sec. 890, effective July 15, 2010. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 681b-7.