§ 27-1-12-17 — Authority of corporation to insure life of director, officers, agent, or employee; consent to change of beneficiary

Any corporation organized under the laws
of this state may, when authorized by its board of directors, or its
executive committee, cause to be insured, for its benefit, the life of any
of its directors, officers, agents or employees, and to pay the premiums
for such insurance; and may continue to pay such premiums after the
insured shall cease to be such a director, officer, agent or employee of
such corporation.
Due authority for such corporation to effect, assign, release, convert,
surrender, or take any other action with reference to such insurance,
shall be sufficiently evidenced to the insurance company by a
certificate to that effect by the secretary, or other corresponding officer
of such corporation under its corporate seal. Any such certificate shall
protect the insurance company for any act done or suffered by it upon
the faith thereof, without further inquiry into the validity of the
corporate authority or the regularity of the corporate proceedings. The
beneficiary in such a policy shall not be changed except with the
consent of such corporation, beneficiary, effecting such insurance.
No person shall, by reason of interest in the subject matter, be
disqualified from acting as a director, or as a member of the executive
committee of such corporation on any corporate act touching such
insurance.
Formerly: Acts 1935, c.162, s.156.