California Law (Last Updated: March 4, 2014) |
Insurance Code - INS |
Division 2. CLASSES OF INSURANCE |
Part 2. LIFE AND DISABILITY INSURANCE |
Chapter 13. Voluntary Mutualization of Incorporated Life and Life and Disability Insurers Having a Capital Stock and Issuing Nonassessable Policies on a Reserve Basis |
ARTICLE 2. Execution of Plan |
Section 11532.6.
Latest version.
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The directors of the insurer in office at the time the insurer is mutualized as provided in this chapter shall continue in office until the first annual meeting of members. At the first annual meeting of members and at each annual meeting thereafter directors shall be elected by the members for the term or terms authorized by this chapter.
(Added by Stats. 1941, Ch. 379.)