Powers of board of directors

40-303. Powers of board of directors. The board of directors of any insurance company organized under this article shall have power to adopt a seal, and make such bylaws and amendments thereto, not inconsistent with the constitution and laws of this state, as may be deemed necessary for the regulation and management of its affairs. History: L. 1927, ch. 231, 40-303; June 1. Source or prior law: L. 1871, ch. 93, §§ 33, 55; R.S. 1923, 40-210, 40-308. CASE ANNOTATIONS 1. Applied; board of directors of insurer organized prior to new corporation code authorized to provide for changes in election of directors. Lincoln American Corp. v. Victory Life Insurance Co., 375 F. Supp. 105, 107.