There is a newer version
of
this Section
2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-54 CHAPTER 54 MUTUAL LIFE AND DISABILITY INSURERS (DOMESTIC) (500.5400...500.5430)
Section 500.5424 Directors and officers; number; election.
Universal Citation: MI Comp L § 500.5424 (2017)
500.5424 Directors and officers; number; election.
Sec. 5424.
The management of the business and affairs of such an insurer shall be vested in a board of directors. Every such insurer shall have not less than 5 nor more than 17 directors, and such officers as shall be provided for in the articles of incorporation or in the bylaws. The directors shall be elected at the annual meetings of the members but any time after the first annual meeting the directors may be divided into 3 groups as nearly equal as possible and thereafter 1 group only elected in a manner to be provided by the bylaws.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1959, Act 28, Eff. Mar. 19, 1960
Popular Name: Act 218
Disclaimer: These codes may not be the most recent version. Michigan 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
