§ 180N — Adoption of bylaws reasonably necessary for operation of company during national emergency

Section 180N. In order to promote the general welfare and in particular the welfare of insurance beneficiaries, policyholders, injured claimants and others by enabling domestic insurance companies to continue their business in the event of a national emergency, any domestic company may adopt by-laws reasonably necessary for the operation of the company during a national emergency. The board of directors of any such company may at any time adopt emergency by-laws subject to the approval of the commissioner or a duly designated person exercising the powers of the commissioner, and subject to repeal or change by action of those having power to adopt regular by-laws for the company, which shall be operative during a national emergency and which may, notwithstanding any different provisions of the regular by-laws or of the applicable statutes, or of the company's charter, make any provision that may be reasonably necessary for the operation of the company during the period of such emergency.