The business of each captive insurance company shall be managed by a board of directors or other governing body consisting of not less than three persons. The organizational documents or bylaws shall provide for the terms, meetings, and elections of the directors and officers of the governing body. No individual may serve as a director or officer who has been convicted of fraud involving any financial institution or of a felony involving misuse of funds.
Source: L. 72: p. 431, § 1. C.R.S. 1963: § 72-36-8. L. 89: (1) amended, p. 464, § 5, effective April 15. L. 94: Entire section R&RE, p. 545, § 6, effective April 6.