287.905. Board, created--members, appointment, qualifications, terms--chairman.
Board, created--members, appointment, qualifications, terms--chairman.
287.905. 1. There is created a board of directors for thecompany. The board shall be appointed by January 1, 1994, andshall consist of five members appointed or selected as providedin this section. The governor shall appoint the initial fivemembers of the board with the advice and consent of the senate.Each director shall serve a five-year term. Terms shall bestaggered so that no more than one director's term expires eachyear on the first day of July. The five directors initiallyappointed by the governor shall determine their initial terms bylot. At the expiration of the term of any member of the board,the company's policyholders shall elect a new director inaccordance with provisions determined by the board.
2. Any person may be a director who:
(1) Does not have any interest as a stockholder, employee,attorney, agent, broker or contractor of an insurance entity whowrites workers' compensation insurance or whose affiliates writeworkers' compensation insurance; and
(2) Is of good moral character and who has never pleadedguilty to, or been found guilty of, a felony.
3. The board shall annually elect a chairman and any otherofficers it deems necessary for the performance of its duties.Board committees and subcommittees may also be formed.
(L. 1993 S.B. 251 § 3)