Wisconsin Statutes 611.53 – Selection and removal of directors and officers of mutuals
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Terms Used In Wisconsin Statutes 611.53
- 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.
- Officers: when applied to corporations include directors and trustees. See Wisconsin Statutes 990.01
(1) Public selection of directors. The articles of a mutual may provide that any number of the directors shall be public directors chosen under a plan proposed by the corporation and approved by the commissioner. The plan shall be designed to assure true public representation on the board. The persons to be nominated as directors shall be persons whose insurance business or general experience qualifies them to serve responsibly and impartially.
(2) Election of directors. Directors not to be chosen under sub. (1) shall be elected by the policyholders.
(3) Resignation, vacancies and removal of directors. Subject to subs. (1) and (2), ss. 181.0807 and 181.0811 apply to a mutual. A director may be removed from office for cause by an affirmative vote of a majority of the full board at a meeting of the board called for that purpose.
(4) Resignation, vacancies and removal of officers. Sections 181.0843 and 181.0844 apply to a mutual.