US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 31
                            COUNTY MUTUAL INSURERS
    41-3115.  SITE FOR HEAD OFFICE. (1) The board of directors of an insurer
may purchase, hold and convey in the name of and for the insurer, real estate
for a site for its principal or head office when authorized so to do by the
affirmative vote of a majority of the members present in person or by proxy in
adoption of a resolution for that purpose at any annual meeting of the
insurer's members or any special meeting of the members called for the
purpose. The resolution shall name the city or town or village within the
insurer's territory in which the site shall be purchased. When the site is so
purchased the insurer may transact any or all of its business, including the
annual or any special meeting of its members, in such city, town or village.
    (2)  The resolution for purchase of the site shall also limit the amount
of the insurer's funds that can be invested therein, and in the improvements
thereon or to be constructed thereon. Any such resolution hereafter adopted
shall be subject to the director's approval. The director shall approve the
resolution unless he finds, after a hearing thereon, that the procedure
leading to adoption of the resolution was unlawful or that the amounts to be
so expended are excessive.
    (3)  The insurer shall dispose of such head office property within five
(5) years after it ceases to be used or to be necessary for head office
purposes, subject to the right of the director to grant a reasonable extension
of time upon proof satisfactory to him that the insurer will suffer materially
by an earlier forced sale of the property.