Section 71A.06 Exchange of Contracts - Minnesota Statutes

71A.06 EXCHANGE OF CONTRACTS.

Subdivision 1.Extension of corporate powers.

Any corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers, and franchises specified in its articles of incorporation, have full power and authority to exchange insurance contracts of the kind and character herein mentioned. The right to exchange these contracts is hereby declared to be incidental to the purposes for which the corporations are organized and is as much granted as the rights and powers expressly conferred.

Subd. 2.Public corporations.

Public corporations may exchange reciprocal or interinsurance contracts only when the issuing exchange has a surplus of $300,000 or more and said contracts are issued without contingent liability.

History:

1967 c 395 art 11 s 6