Sec. 5416.
A mutual life insurer may extend its corporate powers to transact disability insurance by amending its articles of incorporation and bylaws in accordance with the provisions of section 5202: Provided, Such amendment is first approved by a vote of 2/3 of its members in person or by proxy at an annual or special meeting called for that purpose pursuant to notice given in accordance with the bylaws, which notice shall specify the additional kind of insurance which it is proposed to transact.
History: 1956, Act 218, Eff. Jan. 1, 1957 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)
218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)
Section 500.5400 - Scope of Chapter.
Section 500.5402 - Domestic Mutual Insurers; Formation; Reorganization.
Section 500.5403 - Mutual Holding Company as Domestic Mutual Insurance Company.
Section 500.5408 - Prerequisites to Granting Certificate of Authority.
Section 500.5412 - Deficiency in Insurance or Membership; Procedure.
Section 500.5416 - Mutual Life Insurer; Extension of Powers; Procedure.
Section 500.5420 - Mutual Life and Disability Insurers; Amendment, Adoption, and Approval of Bylaws.
Section 500.5424 - Directors and Officers; Number; Election.