Title 32, Title 32

The period of duration of the corporation shall be perpetual.

Before the articles of incorporation may become effective, the secretary of state shall issue a certificate that verifies that a copy of the articles containing the required statement of facts has been filed in the secretary of state's office. Upon issuance of the certificate, th…

If a corporation organized pursuant to this chapter shall fail to begin business within 5 years from the effective date of its articles of incorporation, then said articles shall become null and void.

(1) The articles of incorporation may be amended by vote of the stockholders of the corporation, and the amendments require approval by the affirmative vote of two-thirds of the stockholders, provided: (a) that an amendment that is inconsistent with the general purposes expressed…

(1) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president and treasurer, and other officers and agents as the corporation by its bylaws shall authorize. (2) The board of directors shall consist of a number, not less than n…

(1) The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least 5 days before the day appointe…

Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures: (1) all persons, domestic corporations organized for the purpose of carry…

(1) The stockholders of the corporation have the following powers of the corporation: (a) to determine the number of and elect directors as provided in 32-4-206; (b) to make, amend, and repeal bylaws; (c) to amend the articles of incorporation as provided in 32-4-205; (d) to exer…

Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by the board. The …

(1) Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation 2 years in advance, a member may withdraw from membership in the corporation at the expiration date of such notice. (2) A member shall not b…

Each year the corporation shall set apart as earned surplus not less than 10% of its net earnings for the preceding fiscal year until such surplus shall be equal in value to 50% of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus establishe…

(1) The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an o…

The corporation is subject to the examination of the department of administration and shall make reports of its condition not less than annually to the department. The department shall make copies of the reports available to the commissioner of insurance and to the governor. The …