376.147. Meetings of board of mutual, notice--executive committee of board, powers. - Missouri Statutes

Meetings of board of mutual, notice--executive committee of board,powers.

376.147. 1. Meetings of the board of directors or trusteesof any mutual life insurance corporation shall be upon suchnotice as the articles of agreement prescribe.Attendance of a director or trustee at any meeting constitutes awaiver of notice of such meeting, except when a director ortrustee attends the meeting for the express purpose of objectingto the transaction of any business because the meeting is notlawfully called or convened. The notice or waiver of notice neednot specify the business to be transacted at, nor the purpose of,any regular or special meeting of the board of directors ortrustees.

2. If the articles of agreement of any mutual life insurancecorporation so provide, the board of directors or trustees, by aresolution adopted by a majority of the whole board, maydesignate three or more of its number to constitute an executivecommittee, which committee shall, to the extent provided in theresolution or in the articles of agreement, have and exercise,during the interim between the meetings of the board, all of theauthority of the board in the management of the corporation.

3. The designation of such committee shall not relieve theboard, or any member thereof, of any responsibility imposed bylaw.

(L. 1957 p. 224 §§ 8, 9)