Section 58-5-47 - Bylaws of domestic stock insurer--Adoption, modification, and revocation. - South Dakota Statutes

58-5-47. Bylaws of domestic stock insurer--Adoption, modification, and revocation. Before commencing business, the initial board of directors of a domestic stock insurer shall adopt bylaws which shall be subject to the approval by a two-thirds vote of the stockholders present in person or by proxy at the next succeeding stockholders' meeting. Stockholders shall have the power to make, modify, or revoke bylaws by a two-thirds vote of those stockholders present in person or by proxy at a stockholders' meeting.

Source: SL 1966, ch 111, ch 16, § 17 (1).