§3310. Amendment of articles of incorporation; change of principal place of business








1.   
A stock insurer may amend its articles of incorporation for any lawful purpose by authorization or vote of stockholders as provided for business
corporations in general under the laws of this State applicable to such business corporations.


[
2013, c. 299, §5 (AMD)
.]








2.   
A mutual insurer may amend its articles of incorporation for any lawful purpose by affirmative vote of a majority of those of its members
entitled to vote and present or represented by proxy at a lawful meeting of its members
of which the notice given members included due notice of the proposal to amend and
the substance of such proposal, and by affirmative vote of the holders of at least
2/3 of the insurer's outstanding guaranty capital shares, if any.


[
2013, c. 299, §5 (AMD)
.]








3.   
Upon adoption of an amendment under subsection 1 or 2, the insurer shall make in triplicate a certificate, sometimes referred to as a
"certificate of amendment", setting forth the amendment and the date and manner of
the adoption of the amendment. The certificate must be executed by the insurer's
president or vice-president and secretary or assistant secretary and duly sworn to
by one of them. The insurer shall deliver to the superintendent the triplicate originals
of the certificate for review, certification and approval or disapproval by the Attorney
General and the superintendent, and filing and recording, all as provided for original
articles of incorporation under section 3307. The Secretary of State shall charge
and collect for the use of the State a fee of $20 for filing and recording the certificate
of amendment of a mutual insurer. The amendment is effective when duly approved and
filed with the Secretary of State.


[
2015, c. 329, Pt. B, §3 (AMD)
.]








4. 
 
An insurer may change its principal place of business without amendment of its articles of incorporation, by resolution of its board of directors. A copy of the resolution, duly certified under oath by the corporate secretary, must be executed in triplicate and filed with the superintendent, with the Secretary of State and in the corporate records.


[
2013, c. 299, §5 (AMD)
.]





SECTION HISTORY

1969, c. 132, §1 (NEW).
1973, c. 585, §12 (AMD).
2013, c. 299, §5 (AMD).
2015, c. 329, Pt. B, §3 (AMD).