Sec. 11. A majority of directors must, during their entire terms of service, be citizens of the United States or Canada. At least one (1) of the directors must reside in Indiana.
Formerly: Acts 1935, c.162, s.89; Acts 1941, c.127, s.1; Acts 1947, c.18, s.1; Acts 1969, c.164, s.5. As amended by P.L.245-1989, SEC.1.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 7. General Corporate Powers and Responsibilities of Insurance Companies
27-1-7-1. "Corporation" Defined
27-1-7-2. Capacity and Authority to Act; General Rights, Privileges, and Powers; Excluded Powers
27-1-7-3. Principal Office; Change of Location
27-1-7-5. Stock Certificate; Contents; Transferability
27-1-7-9. Voting Rights of Policyholders and Members; Proxy Votes
27-1-7-9.5. Shareholders' Derivative Proceedings; Procedure
27-1-7-11. Citizenship and Residence Qualifications of Directors
27-1-7-13. Officers; Secretary; Duties; Resignation; Removal; Contract Rights
27-1-7-14. Bonding Officers Having Access to Money or Securities; Blanket Bond
27-1-7-15. Loans to or Borrowing by Directors or Officers; Offense; Exceptions
27-1-7-16. Books and Records to Be Kept at Principal Office
27-1-7-17. Restrictions on Dividend Payments
27-1-7-19. Mutual or Stock Companies; Borrowing for Surplus Funds
27-1-7-22. Vouchers for Disbursements
27-1-7-23. Annual or Other Required Statements; Material False Statement