33-3-302. Bylaws of stock insurer -- modification. (1) A bylaw adopted at any meeting of stockholders of a domestic insurer may not be modified or revoked except by the stockholders at a subsequent meeting unless the bylaws as adopted or amended by the stockholders grant authority to the board of directors to revoke or modify bylaw provisions. The board of directors may not revoke or modify any bylaw relating to the qualifications, election, terms, or compensation of directors or to the calling or notice of meetings of stockholders. A revocation or modification of bylaws made by the directors under this provision must be presented at the next following meeting of stockholders for the information of the stockholders.
(2) The insurer shall promptly file with the commissioner a copy, certified by the insurer's secretary, of its bylaws and amended bylaws. The commissioner may disapprove any bylaw provision considered by the commissioner to be unlawful. The insurer may not, after receiving written notice of the commissioner's disapproval, enact any disapproved bylaw provision.
History: En. Sec. 433, Ch. 286, L. 1959; R.C.M. 1947, 40-4716; amd. Sec. 30, Ch. 227, L. 2001.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 3. Domestic Stock and Mutual Insurers
33-3-302. Bylaws of stock insurer -- modification
33-3-303. Meetings of stockholders or members
33-3-304. Proxies -- corrupt practices
33-3-305. Directors -- number and election
33-3-306. Participation of policyholders in election of directors of stock insurer
33-3-307. Bonding of officers and employees
33-3-308. Prohibited pecuniary interest of officials