40-1028. Consolidation of business into one class; vote of directors. Any mutual fire and tornado insurance company organized and existing under the provisions of sections 40-1001 to 40-1026 inclusive of chapter 231 of the Laws of 1927, and amendments thereof, and having such reserve funds as are required by law to be maintained by such companies may consolidate its business into one class and may thereafter issue all its policies and conduct all of its business and keep all its accounts in a single class: Provided, however, That before such change shall be made in the manner of conducting its business, the board of directors of such company shall by vote of not less than two-thirds of all its members resolve to conduct the business of the company under the provisions of this section.
History: L. 1931, ch. 206, ยง 5; May 28.
Structure Kansas Statutes
Article 10 - Mutual Fire And Tornado Companies
40-1002 Classification of insurable property.
40-1003 No policy issued until required application, premium notes and securities received.
40-1004 Directors; election; vacancy.
40-1005 Annual meeting of members; proxies.
40-1006 Officers; election; term.
40-1008 Liability for losses; assessments; indebtedness.
40-1009 Recovery of assessments or on notes; cash policies not assessable.
40-1011 Property to be assessed and taxed.
40-1013 Classification of risks.
40-1015 Withdrawal of member of company; return premium; cancellation of policy, notice.
40-1016 Limitation on amount of risk; reinsurance.
40-1017 Execution and contents of policy.
40-1019 Statement for annual meeting.
40-1020 Other corporations as members of company; vote.
40-1022 Creation and investment of such fund; liability.
40-1023 Scope of insurance by companies having guarantee fund; foreign companies.
40-1024 Cash or notes in payment of premiums; liability of members of company.
40-1025 Notice of creation of guarantee fund; examination; certificate of authority.
40-1026 Reinsurance of risks; assessment.
40-1027 Mutual fire and tornado companies; paid-up capital and surplus requirements.
40-1028 Consolidation of business into one class; vote of directors.
40-1029 Advances of money and issuance of certificates of indebtedness.