Indiana Code
Chapter 3. Mutual Life and Accident─formation
27-8-3-3. Directors, Trustees, or Managers

Sec. 3. The affairs of all corporations, associations, or societies organized or doing business under the provisions of this chapter shall be managed by not less than five (5) directors, trustees, or managers, a majority of whom shall be residents of the state of Indiana, who shall be elected from and by the members, at such time and place and for such period, not exceeding three (3) years, as may be provided for in the bylaws, and may be eligible for reelection, provided that as near as practicable, an equal number shall be elected each year. Whenever directors, trustees, or managers shall be elected, a certificate, under the seal of the corporation, association, or society, giving the names and residences of those elected and the term of their office, shall be filed in the office of the insurance commissioner. Vacancies in the board of directors, trustees, or managers shall be filled in the manner provided in the bylaws. Such board of directors, trustees, or managers shall fix the compensation to be paid to all officers and managers of such corporation, association, or society.
Formerly: Acts 1897, c.195, s.3. As amended by P.L.252-1985, SEC.277.

Structure Indiana Code

Indiana Code

Title 27. Insurance

Article 8. Life, Accident, and Health

Chapter 3. Mutual Life and Accident─formation

27-8-3-1. Authority to Incorporate; Purposes; Articles of Incorporation; Initial Applications; Approval and Filing Documents; License

27-8-3-2. Corporate Powers

27-8-3-3. Directors, Trustees, or Managers

27-8-3-4. Determination of Fee Rates and Amount of Premiums, Assessments, or Periodical Calls; Risks

27-8-3-5. Reincorporation of Domestic Assessment Plan Companies; Exceptions

27-8-3-6. Application of Chapter to Assessment Plan Companies; Exceptions

27-8-3-7. Accumulation of Reserve or Emergency Fund; Investment; Additional Funds; Use of Excess

27-8-3-8. Assignment of Policy to Person Without Insurable Interest Void

27-8-3-9. Annual Report; Failure to File Report and Pay Fees; Suspension From Doing Business

27-8-3-10. Accident Insurance Business on Assessment Plan

27-8-3-11. Reserve Emergency Fund

27-8-3-12. Report of Affairs and Operations; Suspension for Failure to File

27-8-3-13. Authority to Deposit Securities; Investment of Reserve Funds

27-8-3-14. Specification of Amount Payable Upon Particular Contingency; Obligation for Payment; Suspension of Right to Issue New Policies Until Payment Made

27-8-3-15. Transfer or Reinsurance of Risks; Approval; Notice of Preference for Transfer to Different Corporation

27-8-3-16. Examination at Request of Corporation; Certificate of Results; Expense

27-8-3-17. Visitation and Inspection; Insolvency or Improper Business Practices; Report; Order to Show Cause for Termination of Business

27-8-3-18. Attorney General; Exclusive Power to Apply for Accounting, Injunction, or Receivership

27-8-3-19. Foreign Corporations; Requirements for Authority to Do Business; Revocation of Authority; Retaliation Clause

27-8-3-20. Foreign Corporations; Service of Process

27-8-3-21. Fraudulent Representations; Offenses

27-8-3-22. Eligible Beneficiaries; Change of Beneficiary

27-8-3-23. Exemption of Benefits and Premiums From Judicial Process

27-8-3-24. Violations; Revocation of Power to Do Business

27-8-3-25. Fees

27-8-3-26. Exempt Organizations

27-8-3-27. Legal Reserves; Compulsory Deposits; Filing of Forms; Exceptions