40-1510. Powers and duties of directors; bylaws; duties and compensation of officers; rates of insurance and membership fees.
40-1510
40-1510. Powers and duties of directors; bylaws; duties andcompensation of officers; rates of insurance and membership fees.The board of directors of such company shall manage and control itsaffairs, and shall adopt such bylaws as may be necessary, and may prescribethe duties of its officers and agents and fix their compensation, and mayalter and amend its bylaws at any annual meeting of the board of directorsby a majority vote of the whole number of directors. All bylaws adoptedshall forthwith be certified to the commissioner of insurance for hisapproval or disapproval. They shall also fix the rates of insurance, andthe membership fees if any are charged.
History: L. 1927, ch. 231, 40-1510; June 1.