20-705
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20-705. Articles of incorporation A. Five or more individuals aged eighteen years or more may incorporate a stock insurer and ten or more such individuals may incorporate a mutual insurer. Not less than two thirds of the incorporators shall be citizens of the United States residing in this state. The articles of incorporation shall be signed and acknowledged by the incorporators as deeds are required to be acknowledged. B. The articles of incorporation shall state: 1. The name of the corporation. If a mutual, the word "mutual" shall be a part of the name. 2. The duration of its existence, which may be perpetual. 3. The kinds of insurance the corporation is formed to transact, according to the definitions thereof in this title. If the corporation is to be a limited stock insurer, the articles shall provide for limitations upon the insuring powers of the corporation consistent with the provisions of section 20-708. 4. If a stock corporation, its authorized capital, the classes and number of shares into which divided, the par value of each such share and the respective rights of each such class. Shares without par value shall not be authorized. 5. If a mutual corporation, the maximum contingent liability of its members, other than as to nonassessible policies, for payment of losses and expenses incurred, which liability shall be as stated in the articles of incorporation but not less than one nor more than six times the premium for the member's policy at the annual premium rate for a term of one year. 6. The number of directors, not less than five nor more than fifteen, who shall conduct the affairs of the corporation, and the names and addresses of the corporation's first directors and officers for stated terms of office of not less than two months or more than one year. 7. The time of the annual meeting of stockholders or members. 8. The city or town in this state in which the principal place of business is to be located, and the counties, states and countries in which business may be transacted. 9. The limitations, if any, on the corporation's indebtedness. 10. If a stock corporation, the extent, if any, to which stock of the corporation shall be liable to assessment. 11. Such other provisions, not inconsistent with law, as deemed appropriate by the incorporators. 12. The names and addresses of the incorporators. C. The provisions of this section shall apply to stock and mutual insurers incorporated in this state after January 1, 1955. |