South Dakota Codified Laws 58-5-39. Bylaws of domestic mutual insurer–Adoption, modification, and revocation
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The initial board of directors of a domestic mutual insurer shall adopt bylaws, subject to the approval of the insurer’s members at the next succeeding meeting by a two–thirds vote of those present in person or by proxy. The members shall have power by a two–thirds vote of those present in person or by proxy to make, modify, and revoke bylaws.
Terms Used In South Dakota Codified Laws 58-5-39
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1966, ch 111, ch 16, § 16 (1).