Indiana § 27-3-2-4 By-laws; directors

Indiana Statutes

§ 27-3-2-4 — By-laws; directors

Indiana § 27-3-2-4

Title 27INSURANCE

Art. 3CONSOLIDATIONS AND REORGANIZATION

Ch. 2Assessment Plans─Reorganization Into Stock Companies

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Bluebook

Ind. Code § 27-3-2-4 (2026).

Text

When all the stock shall have been subscribed
to as provided in this chapter, the stockholders shall adopt by-laws for
the government of such company not inconsistent with the laws of the
state of Indiana, naming in the by-laws the number of directors, which
shall not be less than seven (7) nor more than thirteen (13), who shall
manage the affairs of said company, and shall at once elect the new
directors for the ensuing year, a majority of whom constitute a quorum
for the transaction of business.
Formerly: Acts 1895, c.158, s.4. As amended by P.L.136-2018,
SEC.170.

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When all the stock shall have been subscribed
to as provided in this chapter, the stockholders shall adopt by-laws for
the government of such company not inconsistent with the laws of the
state of Indiana, naming in the by-laws the number of directors, which
shall not be less than seven (7) nor more than thirteen (13), who shall
manage the affairs of said company, and shall at once elect the new
directors for the ensuing year, a majority of whom constitute a quorum
for the transaction of business.
Formerly: Acts 1895, c.158, s.4. As amended by P.L.136-2018,
SEC.170.