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§108
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§108 . Applicability of business corporation law to insurers.
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§108(a)
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(a) The business corporation law applies to every corporation heretofore or hereafter formed under:
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§108(a)(1)
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(1) this chapter, except corporations subject to §1110 or article 43, 45, 46 or 67 of this chapter, or a captive insurance company formed in accordance with the not-for-profit corporation law, or
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§108(a)(2)
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(2) any other statute of this state, or any other law, if the corporation's purposes include a purpose for which a corporation may be formed under this chapter.
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§108(b)
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(b)
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§108(b)(1)
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(1) If any provision of the business corporation law conflicts with any provision of this chapter, the provision of this chapter shall prevail, and the conflicting provision of the business corporation law shall not apply.
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§108(b)(2)
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(2) If any provision of this chapter relates to a matter embraced in the business corporation law but is not in conflict therewith, both provisions shall apply.
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§108(c)
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(c) The following provisions of the business corporation law shall not apply to a domestic stock insurer or an authorized stock insurer: §106 , subsection §201(a) , §510 , §511 , §517 , §518 , §719 , §908 , articles 3, 10 and 12.
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§108(d)
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(d) The following provisions of the business corporation law shall not apply to a domestic incorporated mutual insurer or an authorized incorporated mutual insurer: §106 , subsection §201(a) , §709 , and §719 , articles 3, 5, 6 (except §600 nineteen), 9, 10 and 12.
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§108(e)
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(e) The following provisions of the business corporation law, in addition to those referred to in (sub§ (c)) and (sub§ (d)) hereof, do not apply to an incorporated foreign insurer or an incorporated alien insurer: §1301 , §1302 , §1304 through 1306 inclusive, §1308 through 1311 inclusive, §1315 , §1316 and §1318 .
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§108(f)
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(f) A provision of the business corporation law which is referred to in §1317 or §1319 thereof is not applicable to an incorporated foreign insurer or an incorporated alien insurer if such provision of the business corporation law is made inapplicable to such insurer under (sub§ (b)) hereof.
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§108(g)
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(g) In applying the business corporation law to any corporation pursuant to (this §) ,unless the context otherwise requires, the following terms in such law have the following respective meanings:
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§108(g)(1)
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(1) "Secretary of state" means "superintendent of insurance".
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§108(g)(2)
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(2) "Department of state" means "insurance department".
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§108(g)(3)
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(3) "Corporation" and "domestic corporation" mean an incorporated "domestic insurer" as defined in §107 of this article.
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§108(g)(4)
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(4) "Foreign corporation" means both an incorporated "foreign insurer" and an incorporated "alien insurer", as defined in §107 of this article.
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§108(g)(5)
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(5) "Stated capital" means "capital" as defined in §107 of this article.
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§108(h)
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(h) A member of a domestic mutual insurer shall have the rights given to a "shareholder" in §619 of the business corporation law. Source Data downloaded: 2009-04-09 11: 20: 00; Processed: 2009-05-08 15: 35: 44
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