There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 299 ASSESSMENT OR COOPERATIVE INSURANCE
299.340 Directors and officers -- Election -- Term of office -- Powers of directors -- Quorum -- Bonds.
Download pdfcounty and municipal company shall have not less than eleven (11). The directors shall be
chosen from and by the members of the company, at the regular meeting of the company
prescribed in the bylaws. They shall hold office for one (1) year, or such longer term, not
exceeding four (4) years, as the bylaws may prescribe, and until others are elected and
qualified. They may be divided into classes and a portion only elected each year. They
shall choose by ballot a president and secretary and such other officers as the bylaws
prescribe, who shall hold their offices for not less than one (1) nor more than four (4)
years, or as may be prescribed in the bylaws. The board of directors shall exercise the
corporate powers, and transact the business of the company in accordance with the
bylaws. The bylaws shall prescribe the number of directors to constitute a quorum, and
may provide for an executive committee for such purposes as may be necessary, and shall
require the officers to give bond, with good security, in such amounts as the nature of
their duties and powers may require. Nonresidents owning property insured in the
company shall not be eligible to hold office in the company. Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 703, 714, 716.
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