§ 27-27-24 — Directors of Domestic Insurers - Removal; Vacancies

Alabama § 27-27-24

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 27: Organization and Corporate Procedures of Stock and Mutual Insurers

Text

(a) At a special meeting of stockholders or members called for that purpose, any director of a stock or mutual insurer may be removed from office by an affirmative vote of stockholders or members holding in the aggregate a majority of the voting power of all stockholders or members of an insurer entitled to vote at an election of directors. If the board of directors, or any member thereof, is so removed, new directors may be elected at the same meeting.
(b) Vacancies in the board of directors may be filled by the remaining members of the board, and each person so elected shall be a director until his successor is elected by the stockholders or members at the next annual meeting of stockholders or members or at any special meeting of stockholders or members called for that purpose and held prior thereto.

Legislative History

(Acts 1971, No. 407, p. 707, §520.)