40-306. Officers and agents; signatures to contracts.
40-306
40-306. Officers and agents; signatures tocontracts.(a) Every insurance company having capital stock, now existing or hereafterorganized under the laws of this state, shall have such officers with suchtitles and duties as shall be stated in the bylaws or in a resolution of theboard of directors which is not inconsistent with the bylaws.
(b) Officers shall be chosen in such manner and shall hold their offices forsuch terms as are prescribed by the bylaws or determined by the board ofdirectors or other governing body.
(c) The board of directors shall have power to appoint any agentsnecessaryfor transacting the business of the company, pay such salaries and requiresuch bonds as they may deem reasonable; and it shall be their duty to keepfull and correct entries of their transactions, which shall at all times beopen to the inspection of the stockholders.
History: L. 1927, ch. 231, 40-306; L. 1973, ch. 192, § 1;L. 2004, ch. 128, § 4;L. 2005, ch. 41, § 2; July 1.