In companies organized under this chapter, the number of directors shall be not less than three. A majority of the board of directors shall be a quorum for the transaction of business. No person shall be or act as a director of the insurer who does not have insurance in force in the insurer.
History. Code 1933, § 56-2013, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203; Ga. L. 2019, p. 337, § 1-78/SB 132.
The 2019 amendment, effective July 1, 2019, deleted “currently effective” following “who does not have” in the last sentence of this Code section.
Structure Georgia Code
Chapter 16 - Farmers’ Mutual Fire Insurance Companies
§ 33-16-6. Board of Directors Generally
§ 33-16-7. Power of Board to Borrow Money and Pledge Assets of Company
§ 33-16-8. Contents of Bylaws Generally; Amendment of Bylaws; Provision for Exclusion of Members
§ 33-16-10. Inclusion in Policy of Provision Against Waiver of Bylaws
§ 33-16-11. Holding of Annual and Special Meetings of Members; Notice of Meetings
§ 33-16-12. Voting by Policyholders at Meetings
§ 33-16-13. Amount of Minimum Surplus Required
§ 33-16-14. Limitations on Amounts of Risks
§ 33-16-16. Liability of Members for Losses and Expenses of Companies
§ 33-16-17. Actions by or Against Companies
§ 33-16-18. Filing of Annual Statement With Commissioner
§ 33-16-19. Examination of Companies by Commissioner; Payment of Costs of Examinations
§ 33-16-20. Exemption From Taxes, Costs, and Fees
§ 33-16-21. Applicability of Other Provisions of Title to Companies
§ 33-16-22. Conversion of Companies Into Mutual Insurance Companies