Wyoming § 26-24-125 Emergency provisions in lieu of bylaws

Wyoming Statutes

§ 26-24-125 — Emergency provisions in lieu of bylaws

Wyoming § 26-24-125

Title 26Insurance Code

Ch. 24ORGANIZATION AND CORPORATE PROCEDURES OF LEGAL

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Bluebook

Wyo. Stat. Ann. § 26-24-125 (2026).

Text

(a)If the board of directors of a domestic insurer does not adopt emergency bylaws, the following provisions are effective in case of a national emergency:

(i)Three (3) directors constitute a quorum for the transaction of business at all board meetings;

(ii)Any board vacancy may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director;

(iii)If there are no surviving directors, but at least three (3) vice-presidents of the insurer survive, the three (3) vice-presidents with the longest term of service are the directors and possess all of the powers of the previous board of directors and any other powers granted under this chapter or by subsequently enacted legislation. By majority vote the emergency board of directors may elect other

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(a) If the board of directors of a domestic insurer does
not adopt emergency bylaws, the following provisions are
effective in case of a national emergency:
(i) Three (3) directors constitute a quorum for the
transaction of business at all board meetings;
(ii) Any board vacancy may be filled by a majority of
the remaining directors, though less than a quorum, or by a sole
remaining director;
(iii) If there are no surviving directors, but at
least three (3) vice-presidents of the insurer survive, the
three (3) vice-presidents with the longest term of service are
the directors and possess all of the powers of the previous
board of directors and any other powers granted under this
chapter or by subsequently enacted legislation. By majority vote
the emergency board of directors may elect other directors. If
there are not at least three (3) surviving vice-presidents, the
commissioner or designated person exercising the powers of the
insurance commissioner of this state shall appoint three (3)
persons as directors who possess all of the powers of the
previous board of directors and any other powers granted under
this chapter or by subsequently enacted legislation, and these
persons by majority vote may elect other directors.