Sec. 5214.
(1) An insurer may amend its articles of incorporation at any annual meeting of the stockholders or members or at any special meeting called by the directors for that purpose.
(2) Notice of any annual or special meeting and of the purpose for which it is called shall be served on each of the stockholders, or if it is a mutual company on each of the members, in the following prescribed manner:
(a) Notice by mail shall be considered sufficient if directed to the last known address of each stockholder or member, at least 21 days immediately preceding the meeting.
(b) Notice by publication shall be considered sufficient if published in a newspaper printed and published within this state, and having general circulation within the county or counties in which the company is transacting business. The notice shall be published each week for 3 consecutive weeks immediately preceding the date of the meeting provided that the last notice must be published at least 5 days before the meeting.
(3) The insurer shall furnish the commissioner with a true copy of the notice, supported by evidence of mailing or publication and shall also furnish the commissioner with an extract subscribed to by the president and secretary from so much of the minutes of the meeting as relates to the adoption of any amendment or amendments.
(4) Amendments to the articles of incorporation shall not take effect until submitted to the attorney general and certified by him or her as not in conflict with the constitution or laws of this state. The insurer shall pay to the attorney general the examination fee provided for in section 240(2). The amendments shall be filed in duplicate with the commissioner, 1 copy to be retained by the commissioner and 1 copy to be returned to the insurer with a certified copy of the certificate of approval of the commissioner attached.
(5) All amendments to the articles of incorporation shall be upon the form prescribed by the commissioner.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
Section 500.5200 - Applicability of Chapter.
Section 500.5202 - Life, Accident or Sickness Insurers; Reorganization Under Code.
Section 500.5204 - Companies Deemed Bodies Corporate and Politic; Corporation Law Applicable.
Section 500.5205 - Proof of Corporate Existence and Authority to Insure.
Section 500.5206 - Corporate Powers; Enumeration; Exercise by Board of Directors.
Section 500.5209 - Insurer's Name; Restrictions.
Section 500.5210 - Dealing in Commodities Prohibited; Exception.
Section 500.5214 - Articles of Incorporation; Amendment.
Section 500.5220 - Blank Forms for Amending Articles.
Section 500.5222 - Corporate Life; Extension.
Section 500.5224 - Corporate Life; Expiration, Liquidation.
Section 500.5228 - Bylaws; Adoption; Filing.
Section 500.5230 - Special Meetings of Stockholders or Members; Notice of Meetings.
Section 500.5232 - Voting Rights; Stockholders, Members, Proxies, Fiduciaries, Pledgees.
Section 500.5234 - Stockholders and Members; Voting Rights, Quorum.
Section 500.5236 - Voting Rights; Inspectors of Election.
Section 500.5239 - Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5241 - Indemnification Against Expenses of Action, Suit, or Proceeding Generally.
Section 500.5242d - “Corporation” Defined for Purposes of MCL 500.5241 to 500.5242c.
Section 500.5243 - Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5244 - Liability for Payment Under Invalid Law or Ordinance.
Section 500.5246 - Officers and Agents; Appointment, Removal, Bond.
Section 500.5248 - Directors, Officers, and Employees of Domestic Insurer; Compensation.
Section 500.5258 - Acknowledgments.
Section 500.5260 - Stock Certificates; Substitutions.
Section 500.5264 - Expenditures, Vouchers, and Affidavits.
Section 500.5266 - Dividends to Stockholders; General Provision.
Section 500.5267 - Dividends to Stockholders; Domestic Fire Insurance Company.
Section 500.5270 - Insurer's Rights as Stockholder in Other Corporations.
Section 500.5274 - Domestic Fire Insurance Company; Assessment of Stockholders.
Section 500.5280 - Domestic Mutual Insurer; Assets; Deficiency; Liability of Director.
Section 500.5282 - Domestic Stock Insurer; Statement of Beneficial Ownership of Equity Securities.
Section 500.5283c - Stock Purchase Plan; Limitations.
Section 500.5284 - Securities Not Owned; Sale; Failure to Deliver to Transferee; Exception.
Section 500.5285 - Nonapplication of Sections to Certain Transactions.
Section 500.5286 - Foreign or Domestic Arbitrage Transactions; Exemptions.
Section 500.5287 - Equity Security; Definition.
Section 500.5288 - Registered Equity Securities; Exemptions; Conditions.
Section 500.5289 - Insurance Commissioner; Regulatory Powers; Effect of Good Faith.
Section 500.5290 - Unlawful Solicitation; Use of Name to Solicit Proxies or Consents.