§ 26.1-33-35 — Insurance in favor of corporation or limited liability company on life of corporate officer or employee or limited liability company manager or employee - Powers of corporation or limited liability company

corporate officer or employee or limited liability company manager or employee - Powers
of corporation or limited liability company.
Whenever a domestic corporation or limited liability company causes to be insured the life
of any director, officer, agent, or employee of the corporation or on the life of any governor,
manager, agent, or employee of the limited liability company, or whenever a domestic
corporation or limited liability company is named as a beneficiary in or assignee of any life
insurance policy, due authority to effect, assign, release, relinquish, convert, or surrender, or to
change the beneficiary in, the policy, or to take any other or different action with reference to,
the insurance, is sufficiently evidenced to the insurance company by a written statement to that
effect signed by the president and the secretary or other corresponding officers of the
corporation or limited liability company. The statement is binding upon the corporation or limited
liability company and protects the insurance company in any act done or suffered by it upon the
faith of the notice without further inquiry into the validity of the corporate authority or the
regularity of the corporate proceedings. No person may be disqualified, by reason of interest in
the subject matter, from acting as a director or as a member of the executive committee of the
corporation on any corporate act touching the insurance or from acting as a governor or as a
member of the executive committee of the limited liability company or any limited liability
company act touching the insurance.