33-4-202. Declaration of intention to incorporate -- articles of incorporation. (1) The individuals proposing to form a farm mutual insurer as referred to in 33-4-201 shall file with the commissioner:
(a) a declaration of their intention to form the corporation signed by at least 100 persons if a proposed state mutual insurer or by at least 25 persons if a proposed county mutual insurer; and
(b) proposed articles of incorporation executed by three or more incorporators. The signatures of the incorporators must be notarized.
(2) The articles of incorporation must state:
(a) the name of the corporation. If a state mutual insurer, the words "farm mutual" must be a part of the name; if a county mutual insurer, the name must contain the words "farm mutual" or "rural mutual" together with the name of the county in which its principal place of business is to be located. The name may not be so similar to one already used by a corporation in this state as to be misleading.
(b) if a county mutual insurer, the name of the county or counties in which the corporation is to transact insurance and the address where its principal business office will be located;
(c) if a state mutual insurer, the location of its principal business office, which must be located in this state;
(d) the objects and purposes for which the corporation is formed;
(e) whether the insurer intends to transact business on the cash premium plan or the assessment plan;
(f) the duration of the corporation's existence, which may be perpetual;
(g) the number of its directors, which may not be less than 5 or more than 11, and the names and addresses of the members of the initial board of directors appointed to manage the affairs of the corporation until the first annual meeting of the members at which time successors must be elected and qualified;
(h) other provisions, not inconsistent with law, considered appropriate by the incorporators;
(i) the names, residences, and addresses of the persons signing the declaration under subsection (1)(a) and the value of their property to be insured in the county or counties where the operations of the corporation are to be transacted.
History: En. Sec. 475, Ch. 286, L. 1959; R.C.M. 1947, 40-4808; amd. Sec. 35, Ch. 379, L. 1995; amd. Sec. 14, Ch. 531, L. 1997; amd. Sec. 16, Ch. 380, L. 2003; amd. Sec. 6, Ch. 117, L. 2019.