Sec. 5424.
The management of the business and affairs of such an insurer shall be vested in a board of directors. Every such insurer shall have not less than 5 nor more than 17 directors, and such officers as shall be provided for in the articles of incorporation or in the bylaws. The directors shall be elected at the annual meetings of the members but any time after the first annual meeting the directors may be divided into 3 groups as nearly equal as possible and thereafter 1 group only elected in a manner to be provided by the bylaws.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1959, Act 28, Eff. Mar. 19, 1960 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.