Indiana § 27-5.1-2-12 Election of director; term of office; election of officers; annual board
meeting

Indiana Statutes

§ 27-5.1-2-12 — Election of director; term of office; election of officers; annual board meeting

Indiana § 27-5.1-2-12

Title 27INSURANCE

Art. 5.1FARM MUTUAL INSURANCE COMPANIES

This text of Indiana § 27-5.1-2-12 (Election of director; term of office; election of officers; annual board meeting) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-5.1-2-12 (2026).

Text

(a)Unless a farm mutual insurance company's articles of incorporation specify otherwise, a director of a farm mutual insurance company must be elected at the farm mutual insurance company's annual policyholder meeting by the affirmative vote of a majority of:

(1)the policyholders present and voting; and

(2)the policyholders voting by proxy, if voting by proxy is allowed by the farm mutual insurance company's articles of incorporation.

(b)The term of office of a director must be at least one (1) year but not more than five (5) years. A farm mutual insurance company's articles of incorporation may provide for the classification of directors into three (3) groups, and the terms of the directors may be staggered. A vacancy on the board of directors may be filled for the unexpired term thro

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(a) Unless a farm mutual insurance
company's articles of incorporation specify otherwise, a director of a
farm mutual insurance company must be elected at the farm mutual
insurance company's annual policyholder meeting by the affirmative
vote of a majority of:
(1) the policyholders present and voting; and
(2) the policyholders voting by proxy, if voting by proxy is
allowed by the farm mutual insurance company's articles of
incorporation.
(b) The term of office of a director must be at least one (1) year but
not more than five (5) years. A farm mutual insurance company's
articles of incorporation may provide for the classification of directors
into three (3) groups, and the terms of the directors may be staggered.
A vacancy on the board of directors may be filled for the unexpired
term through an appointment made by the remaining directors.
(c) The board of directors of a farm mutual insurance company
shall, by vote of a majority of the directors, elect the officers designated
in the farm mutual insurance company's bylaws. The directors may also
elect any additional officers that the directors determine are necessary.
An officer elected under this subsection is not required to be a director.
(d) The term of an officer elected under subsection (c) may not be
less than one (1) year or more than three (3) years. An outgoing officer
shall hold office until the officer's successor is either elected or selected
and qualified.
(e) The board of directors of a farm mutual insurance company shall
hold a separate meeting of the board of directors immediately after the
farm mutual insurance company's annual meeting.