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§4211
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§4211 . Election of directors of domestic stock life insurance companies.
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§4211(a)
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(a) No election of directors of a domestic stock life insurance company shall be valid unless a copy of the notice of election shall have been filed in the office of the superintendent at least 10 days before the day of such election in addition to the service thereof, as required by §605 of the business corporation law.
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§4211(b)
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(b) Whenever any directors of such a company shall have resigned and successors shall have been chosen pursuant to the provisions of the by-laws, such successors shall not take office nor exercise their duties until 10 days after written notice of their election shall have been filed in the office of the superintendent.
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§4211(c)
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(c) Policyholders of such an insurance company shall be eligible for election as directors or officers, whether or not they are shareholders. Source Data downloaded: 2009-04-19 12: 33: 26; Processed: 2009-05-08 15: 36: 06
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