§ 58-62-31. Board of directors. - North Carolina Statutes

§58‑62‑31.  Board of directors.

(a)        The Board shallconsist of not less than five nor more than nine member insurers serving termsas established in the Plan.  The members of the Board shall be selected bymember insurers, subject to the Commissioner's approval.  Vacancies on theBoard shall be filled for the remaining period of the term by a majority voteof the remaining Board members, subject to the Commissioner's approval.  Toselect the initial Board, and initially organize the Association, the Board'spredecessor shall notify all member insurers of the time and place of theorganizational meeting.  In determining voting rights at the organizationalmeeting, each member insurer is entitled to one vote in person or by proxy.  Ifthe Board is not selected within 60 days after notice of the organizationalmeeting, the Commissioner may appoint the initial members.

(b)        In approvingselections or in appointing members to the Board, the Commissioner shallconsider, among other things, whether all member insurers are fairlyrepresented.

(c)        Members of theBoard may be reimbursed from the assets of the Association for expenses theyincur as members of the Board, but they shall not otherwise be compensated bythe Association for their services. (1991, c. 681, s. 56.)