§ 58-8-5. Manner of amending charter. - North Carolina Statutes

§ 58‑8‑5.  Mannerof amending charter.

(a)        A domestic mutualinsurance company may hereafter amend its charter in the following manner only:

(1)        A meeting of theboard of directors shall be called in accordance with the bylaws, specifyingthe amendment to be voted upon at such meeting;

(2)        If at such meetingtwo thirds of the directors present vote in favor of the proposed amendment,then the president and secretary shall under oath make a certificate to thiseffect, which certificate shall set forth the call for such meeting, theservice of such call upon all directors, and the minutes of the meetingrelating to the adoption of the proposed amendment;

(3)        If the meeting atwhich the proposed amendment is to be considered is a special meeting, ratherthan a regular annual meeting of policyholders, such special meeting can becalled only after the Commissioner has given his approval in writing;

(4)        If at suchpolicyholders' meeting two thirds of those voting in person or by proxy shallvote in favor of any proposed amendment, the president and secretary shall makea certificate under oath setting forth such fact together with the full text ofthe amendment thus approved. Said certificate shall, within 30 days after suchmeeting, be submitted to the Commissioner for his approval as conforming to therequirements of law, and it shall be the duty of the Commissioner to act uponall proposed amendments within 10 days after the filing of such certificatewith him.

(b)        All charteramendments heretofore issued upon application of the board of directors of anydomestic mutual insurance company are hereby validated, if otherwise legallyadopted. (1943,c. 170; 1947, c. 721; 1991, c. 720, s. 4; 2001‑223, s. 9.1.)