A. The members of the Board of Managers of CompSource Oklahoma who are serving on the effective date of this act shall serve as the initial Board of Directors of CompSource Mutual Insurance Company. The terms of the initial Board members shall be extended from January 1, 2015, to July 1, 2015.
B. The Lieutenant Governor or a designee, State Auditor and Inspector or a designee, one member appointed by the Governor, one member appointed by the Speaker of the House of Representatives, and one member appointed by the President Pro Tempore of the Senate shall continue to serve on the Board of Directors of CompSource Mutual Insurance Company as provided in subsection D of this section. The other initial Board positions shall be converted to elected positions as provided in subsection C of this section.
C. On or before July 1, 2015, the Company shall hold its first meeting of the policyholders. At that meeting the policyholders shall elect four Directors. The method of election shall be specified in the Company's bylaws.
D. The initial terms of the Board of Directors of CompSource Mutual Insurance Company shall be as follows:
1. The terms of the Board member appointed by the Speaker of the House of Representatives and the fourth member elected pursuant to subsection C of this section shall expire on July 1, 2018;
2. The terms of the Board member appointed by the President Pro Tempore of the Senate and the third member elected pursuant to subsection C of this section shall expire on July 1, 2020; and
3. The terms of the Board member appointed by the Governor and the first and second member elected pursuant to subsection C of this section shall expire on July 1, 2022.
After such initial terms, the terms of the Board members shall be as provided in Section 4 of this act.
E. The bylaws and Board policies of CompSource Oklahoma on the effective date of this act become the bylaws and Board policies of the Company until amended or revised by the Company's Board.
Added by Laws 2013, c. 254, § 5.