380.381. Board of directors, election--terms--vacancies--annual meeting, quorum, voting rights. - Missouri Statutes

Board of directors, election--terms--vacancies--annual meeting,quorum, voting rights.

380.381. 1. The management of any company operating underthe provisions of sections 380.201 to 380.591 shall be vested asprovided in the articles of incorporation in a board of at leastfive directors each of whom shall be the owner of propertyinsured in the company. Directors shall be elected by a majorityvote of the members voting at the annual meeting of the membersfor a term of not less than one year nor more than seven years;however, the articles of incorporation may provide for theclassification of directors into three groups the terms of whichexpire in different years. Vacancies in the board may be filledfor the unexpired term by the remaining directors.

2. The annual meeting of the members of the company shall beheld annually as provided in the articles of incorporation. Aquorum shall consist of such number of members not less thaneight as the articles of incorporation may provide. Each memberof the company shall be entitled to one vote in all meetings ofmembers. Votes by proxy may be received if the articles ofincorporation so provide but only in accordance therewith.

(L. 1984 H.B. 1498) Effective 1-1-85