(a) Vacancies on the board of directors may be filled by the remaining members of the board, and each person so elected shall be a director until his or her successor is elected by the stockholders or members, at the next annual meeting of stockholders or members, or at any special meeting of stockholders or members called for that purpose and held prior thereto.
(b) This section shall not apply to insurers organized and duly licensed to transact business prior to January 1, 1960, if the bylaws or articles of incorporation of the insurers provide for other methods of filling vacancies on the board of directors.
Section: Previous 23-69-103 23-69-104 23-69-105 23-69-106 23-69-107 23-69-108 23-69-109 23-69-110 23-69-111 23-69-112 23-69-113 23-69-114 23-69-115 23-69-116 23-69-117 NextLast modified: November 15, 2016