§ 66A.38 — Voting Rights
Plain-Language Summary
In a stock and mutual life insurance company, each stockholder gets one vote per share, and each participating policyholder gets the same voting rights as a member of a mutual company. The certificate of incorporation can change these voting rules.
66A.38 VOTING RIGHTS.
Unless otherwise provided in the certificate of incorporation or an amendment thereto adopted as provided by section 60A.07, subdivision 1d, or 66A.39, each stockholder of a stock and mutual life insurance company shall, at all meetings, be entitled to one vote for each share of stock held and, except as otherwise provided by law, each holder of a policy entitled to participate in profits or savings shall be a member and, as such, shall be entitled to the number of votes to which that person would be entitled in a mutual company.
History:
1967 c 395 art 2 s 35; 1986 c 444; 2005 c 69 art 2 s 18; art 3 s 11
History: History: 1967 c 395 art 2 s 35; 1986 c 444; 2005 c 69 art 2 s 18; art 3 s 11