Utah Code 31A-9-405. Board of directors
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(1) Sections 16-6a-801 and 16-6a-802 apply to fraternals, except that the supreme governing body may act as the board of directors if it meets at least quarterly. Subsections 31A-5-407(2) through (9) apply to fraternals, except that the word “mutual” shall be read “fraternal” and the references to other sections of Chapter 5, Domestic Stock and Mutual Insurance Corporations, shall be to the corresponding sections of Chapter 9, Insurance Fraternals.
Terms Used In Utah Code 31A-9-405
- board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
- Insurance: includes :(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
- Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
(2) The terms of directors and officers may not exceed four years.