Section 27-43-7

Section 27-43-7Procedure for incorporation of legal services insurance corporation generally.

(a) Any number of corporate or adult natural persons may organize a legal service insurance corporation under this section.



(b) The articles of incorporation shall conform to the requirements applicable to corporations, except that:



(1) The name of the corporation shall indicate that payment for legal services or indemnity for legal expenses is to be provided; and



(2) The purposes of the corporation shall be limited to payment for legal services or indemnity for legal expenses and business expenses reasonably related thereto.

(Acts 1981, No. 81-719, p. 1214, §1.)