§120.  Elections of officers and directors

Election of officers and directors shall be made in the manner specified in the charter or bylaws of the insurer, provided that:

(1)  Each policyholder shall be entitled to one vote in accordance with the provisions of R.S. 22:119;

(2)  At least a majority of the directors shall be policyholders of the insurer;

(3)  Each director, before being qualified to act, shall file with the secretary of the company a written acceptance of his trust;

(4)  Vacancies in the board of directors are to be filled by the directors or the policyholders as the charter or bylaws of the insurer may provide;

(5)  Directors may call special meetings of the policyholders whenever they deem it proper and must call such a meeting upon the written application of the owners of one-tenth of the amount of insurance in force as of the preceding December thirty-first report of the insurer;

(6)  The board of directors shall meet at least six times a year and as often as may be required in the bylaws of the company;

(7)  The directors shall annually elect a president, who shall be a member of the board, a secretary, and such other officers as the charter or bylaws may provide.  However, the directors of a risk retention insurer to which the laws of this Subpart apply shall annually elect from the nonpolicy holder directors a president, a secretary, and such other officers as the charter or bylaws may provide.

Acts 1958, No. 125.  Amended by Acts 1964, No. 134, §1; Acts 1989, No. 689, §1; Redesignated from R.S. 22:128 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.