N.J.S.A 17B:18-7. Certificate of incorporation of mutual insurer; election of directors

17B:18-7. Certificate of incorporation of mutual insurer; election of directors

a. The certificate of incorporation of any mutual insurer of this State hereafter incorporated may contain provisions for the elections of directors in the manner set forth in sections 17B:18-11 to 17B:18-17, inclusive, and any amendment of the certificate of incorporation or of the charter of any mutual insurance corporation of this State heretofore or hereafter incorporated pursuant to the provisions of any general or special law of this State, may, at the option of such corporation, contain such provisionS.Such certificate of incorporation or amendment thereof or of the charter of such insurer may provide that any vacancy in its board of directors may be filled by a majority vote of the board for the unexpired term to which such vacancy relateS.

b. The periods at which directors of any such corporation shall be elected, the time of the election, the number of directors to be elected at any one time, and the terms for which they shall respectively be elected may be prescribed by its certificate of incorporation or charter or amendment thereof; provided, however, that one or more directors shall be elected at least once in every 2 years and that no director shall be elected for a term longer than 5 yearS.

L.1971, C. 144, S.17B:18-7.

Case(s):

Look up case for New Jersey Statute 17B:18-7. Certificate of incorporation of mutual insurer; election of directors

Original Text maintained by the State of New Jersey:

NJ Maintained Unanotated Statutes References to 17B:18-7. Certificate of incorporation of mutual insurer; election of directors

Previous: 17B:18-6. Stipulations in stock subscriptions and applications Next: 17B:18-8. Loan to mutual insurer for organizational expenses

Disclaimer: Always check for the most up to date language of a statute. Every time a new law is enacted it has a possibility of changing the wording of a statute or override case law. These pages were created to assist in looking up and migrating between statutes easily. No accuracy is guaranteed. If you need help with researching law, contact an attorney.

Related Posts

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.