40-1511. Directors; election; vacancy.
40-1511
40-1511. Directors; election; vacancy.In companies organized under the provisions of this article the numberof directors shall not be more than 25 nor less than five. Unlesswritten balloting is required by the bylaws, directors shall be elected byvoice vote. Each person who is a policyholder shall be entitled to one vote. Apolicyholder may vote by proxy, signed by the person legally entitled to votesuch proxy. A majority of the board of directors shall be aquorum for the transaction of business. Vacancies in the board shall befilled by the remaining members until the next annual meeting.
History: L. 1927, ch. 231, 40-1511;L. 2007, ch. 30, § 6; July 1.