380.371. Powers of a company, generally.

MISSOURI STATUTES AND CODES

380.371. Powers of a company, generally.

Powers of a company, generally.

380.371. Subject to the provisions of sections 380.201 to380.591 every company operating hereunder shall have all thepowers of a corporate body, including but not limited to thefollowing: To borrow money; to sue and be sued; to makecontracts of insurance or indemnity with any person, firm, publicor private corporation, board, association or estate or anytrustee or legal representative of the same; to cede reinsuranceto and/or accept it from any company lawfully operating in thisstate or elsewhere; to participate with other insurance companiesin pools or plans for reinsurance or catastrophe protection; toprescribe the qualifications and the manner and form of theadmission or withdrawal of the members; to have and to use acommon seal which may be changed or altered at pleasure; to becapable in its corporate name, or in the name of a trustee chosenby the board of directors, to take, purchase, lease, hold anddispose of real or personal property for carrying into effect thepurpose of the corporation; to classify risks according to thehazards involved, to establish rates according to suchclassification and to make all lawful rules and regulationsconcerning the acceptability of any risk or risks, the hazardsinsured, the payments to be required, and the adjustment andpayment of losses; to fix the compensation of its directors andofficers and require bond for the faithful performance of theirduties; to adopt or amend bylaws, policy and application formsnot inconsistent with law or the provisions of the articles ofincorporation, and to exercise all such other powers as may benecessary, proper or convenient to effect the purposes of suchcompany.