Any domestic corporation may, in addition to the rights, powers, and franchises specified in its articles of incorporation, exchange reciprocal or interinsurance insurance contracts. The right to exchange these contracts is incidental to the purposes for which domestic corporations are organized and is granted the same as rights and powers expressly conferred.
HISTORY: Former 1976 Code Section 38-17-80 [1962 Code Section 37-569; 1972 (57) 2776; 1977 Act No. 69 Section 3; 1980 Act No. 345, Section 2] recodified as Section 38-29-80 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-45-80 [1947 (45) 322; 1952 Code Section 37-808; 1962 Code Section 37-808] recodified as Section 38-17-80 by 1987 Act No. 155, Section 1.