A bare majority of the entire board of directors of a domestic mutual insurer which issues temporary capital stock, as provided in section 17B:18-9, shall be elected by the holders of the temporary stock, and the rest of the directors shall be elected by the policyholders, in the manner and with the representation provided in its certificate of incorporation. After the retirement of the capital stock all the directors shall be so elected by the policyholders.
N.J. Stat. Ann. § 17B:18-29
Election of directors in mutual insurer issuing temporary stock
Known as the New Jersey Life and Health Insurance Guaranty Association Act
The act spans §§ 17B:17-1 to 17B:37-9 (1,003 sections).
L.1971, c. 144, s. 17B:18-29.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.