§ 27-5.1-2-13 — Articles of incorporation; amendment

Indiana § 27-5.1-2-13

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 5.1: FARM MUTUAL INSURANCE COMPANIES

Text

(a) Unless a farm mutual insurance
company's articles of incorporation specify otherwise, the articles of
incorporation of a farm mutual insurance company may be amended by
an affirmative vote of two-thirds (2/3) of the farm mutual insurance
company's policyholders who are voting in person or by proxy at any
policyholder meeting if the policyholders are given at least thirty (30)
days notice of:
(1) the meeting; and
(2) the subject matter of the proposed amendments.
(b) After a farm mutual insurance company has adopted an
amendment to the farm mutual insurance company's articles of
incorporation, three (3) copies of the amendment must be filed with the
commissioner.
(c) The commissioner shall determine whether to approve an
amendment specified under subsection (b) and, if the amendment is
approved, shall return a copy of the filed amendment and a certificate
of approval to the farm mutual insurance company.

Legislative History

As added by P.L.129-2003, SEC.8.