There Is a Newer Version of the Maine Revised Statutes
  1. 2025 Maine Rev. Stat.
  2. 2024 Maine Rev. Stat.
  3. 2023 Maine Rev. Stat.
  4. 2011 Maine Rev. Stat. (here)
  5. View All Versions
View Our Newest Version Here

2011 Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
24-A §3411. Directors


24-A ME Rev Stat § 3411 (2011 through 125th Legis) What's This?

Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS

§3411. Directors

1. The affairs of every domestic insurer shall be managed by a board of directors consisting of not less than 7 directors or more than 21 directors.

[ 1969, c. 132, §1 (NEW) .]

2. Directors, other than initial directors named in the insurer's certificate of organization, shall be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than 3 years each and until their successors are elected and have qualified; and if to be elected for terms of more than one year the insurer's bylaws may provide for a staggered term system under which the terms of a proportionate part of the members of the board of directors shall expire on the date of each annual meeting of stockholders or members. A directorship becoming vacant before expiration of the term may be filled by the board of directors for the remainder of the term.

[ 1969, c. 132, §1 (NEW) .]

SECTION HISTORY

1969, c. 132, §1 (NEW).

Disclaimer: These codes may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.