Transactions in which directors and others are interested

611.60 Transactions in which directors and others 181.0871 to 181.0881 and 181.0889 apply to mutuals but no inare interested. (1) VOIDABLE TRANSACTIONS. Any material demnification may be made until at least 30 days after notice to transaction between an insurance corporation and one or more of the commissioner, containing full details about the proposed its directors or officers, or between an insurance corporation and indemnification. any other person in which one or more of its directors or officers (3) INSURANCE. Section 180.0857 applies to stock corporaor any person controlling the corporation has a material interest, tions and s. 181.0883 applies to mutuals. is voidable by the corporation unless: (4) DERIVATIVE ACTIONS. Sections 180.0740 to 180.0747 (a) The transaction at the time it is entered into is reasonable and 180.1708 (3m) apply to stock corporations and ss. 181.0740 and fair to the interests of the corporation; and to 181.0747 apply to mutuals. (b) The transaction has, with full knowledge of its terms and History: 1971 c. 260, 307; 1973 c. 128; 1979 c. 102; 1987 a. 13; 1989 a. 303; of the interests involved, been approved in advance by the board 1997 a. 79. or by the shareholders; and