Board of directors generally

In companies organized under this chapter, the number of directors shall be not less than three. A majority of the board of directors shall be a quorum for the transaction of business. No person shall be or act as a director of the insurer who does not have insurance in force in the insurer. History. — Code 1933, § 56-2013, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203; Ga. L. 2019, p. 337, § 1-78/SB 132. The 2019 amendment, effective July 1, 2019, deleted ‘‘currently effective’’ following ‘‘who does not have’’ in the last sentence of this Code section. 33-16-7. Power of board to borrow money and pledge assets of company. The board of directors of a farmers’ mutual fire insurance company may, at any time, borrow such sum or sums of money as they may deem necessary to pay its losses, accrued or unaccrued, and may pledge the assets of the company including the contingent liability of policyholders for the losses as security for the loan. 743 33-16-9 History. — Code 1933, § 56-2014, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203. 33-16-8. Contents of bylaws generally; amendment of bylaws; provision for exclusion of members. (a) The bylaws shall state the time and manner of the levy and payment of all premiums or assessments for all insurance written by the company. (b) The bylaws shall also fix the liability of the policyholders for all losses accrued while the policies are in force, in addition to the regular premium or assessment of the policyholders, and the time and manner of payment of such liability. (c) The bylaws may be amended and any such amendment shall be filed with the Commissioner at least 30 days prior to its adoption. (d) The bylaws may contain provisions for the exclusion of any member of the company who refuses or neglects to pay his or her assessment or for any other reasons satisfactory to the directors to be excluded from the insurer. History. — Ga. L. 1924, p. 122, § 2; Code 1933, § 56-1412; Code 1933, § 56-2008, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2000, p. 136, § 33; Ga. L. 2012, p. 1040, § 1/SB 203. 33-16-9. Inclusion of bylaws in insurance policy; inclusion in policy of statement of contingent liability of members. The portion of the bylaws which affects the insuring agreement shall be contained in the policy. Each policy issued by the insurer shall contain a statement of the contingent liability, if any, of its members. History. — Orig. Code 1863, § 2787; Code 1868, § 2795; Code 1873, § 2837; Code 1882, § 2837; Civil Code 1895, § 2135; Civil Code 1910, § 2530; Code 1933, § 56-1403; Code 1933, § 56-2009, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.