2006 Kansas Code - 40-502

      40-502.   Directors and officers; vacancies; annual meeting. (a) The affairs of any mutual life insurance company now existing or hereafter organized under the laws of this state shall be managed by a board of not more than 25 nor less than five directors, all of whom shall be policyholders. The persons named as such in the charter shall constitute the directors for the first year. Thereafter the directors shall be elected at the annual meeting of the policyholders, which shall be held at such time as may be provided in the bylaws. The bylaws shall also provide for the election of not less than 1/5 nor more than 1/3 of the members of the board of directors each year to serve for not more than five years nor more than three years respectively. Any vacancy in the board shall be filled by the remaining members until the next annual meeting of the policyholders, at which time a successor shall be elected to fill the unexpired term.

      (b)   The director shall be elected by ballot, and each person who is a policyholder shall be entitled to one vote. Policyholders may vote by proxy, signed by the person legally entitled to vote the same. Each policyholder shall have the right to cast as many votes in the aggregate as shall equal the number of directors to be regularly elected, and each policyholder, in person or by proxy, may cast the whole number of votes for one candidate or may divide such policyholder's votes among two or more candidates. The bylaws shall specify the number of directors necessary to constitute a quorum, which shall be not less than five members; except that if the board of directors consists of nine members or less a majority may constitute a quorum.

      (c)   Every mutual life insurance company, now existing or hereafter organized under the laws of this state, shall have such officers with such titles and duties as shall be stated in the bylaws or in a resolution of the board of directors which is not inconsistent with the bylaws.

      (d)   Officers shall be chosen in such manner and shall hold their offices for such terms as are prescribed by the bylaws or determined by the board of directors or other governing body.

      History:   L. 1927, ch. 231, 40-502; L. 2005, ch. 41, § 3; July 1.