31A-5-203 - Articles and bylaws. - Utah Statutes

31A-5-203. Articles and bylaws.
(1) The articles of incorporation requirements in Section 16-10a-202 apply to the articlesof a stock corporation, except that:
(a) the name of the corporation shall comply with Sections 16-10a-401 and 31A-1-109and the name of any new or renamed corporation shall include the word "insurance" or a term ofequivalent meaning;
(b) authorized shares shall conform to Subsection 31A-5-305(1) and the capital providedfor shall conform to Section 31A-5-211; and
(c) beginning on July 1, 1988, the purposes of the corporation are limited to thosepermitted by Section 31A-4-107.
(2) The articles of incorporation requirements in Section 16-6a-202, except Subsections16-6a-202(1) (f) and (g), apply to the articles of a mutual except that:
(a) The name of the corporation shall comply with Sections 16-6a-401 and 31A-1-109and the name of any new or renamed corporation shall include the words "mutual" and"insurance" or terms of equivalent meaning.
(b) If any mutual bonds are authorized, they shall comply with Subsection31A-5-305(2)(a).
(c) The purposes of the corporation may not include doing a title insurance business, andshall be limited to those purposes permitted by Section 31A-4-107.
(d) If assessable policies are permitted, the articles shall contain provisions givingassessment liabilities and procedures, including a provision specifying the classes of business onwhich assessment may be separately levied.
(e) The articles may specify those classes of persons who may be policyholders, orprescribe the procedure for establishing or removing restrictions on the classes of persons whomay be policyholders. The articles shall also state that each policyholder is a member of thecorporation.
(3) Sections 16-10a-830 and 16-10a-831 apply to stock corporations and Section16-6a-818 applies to mutuals. The articles or bylaws shall designate three or more principaloffices the principal officers of the corporation shall hold. The principal offices shall be held byat least three separate natural persons.
(4) The bylaws of a domestic corporation shall comply with this chapter. A copy of thebylaws, and any amendments to them, shall be filed with the commissioner within 60 days aftertheir adoption. Subject to this Subsection (4), Subsections 31A-5-204(2)(c) and (5), Subsection31A-5-213(4), and Section 16-10a-206 apply to stock corporations and Section 16-6a-206applies to mutuals.

Amended by Chapter 364, 2008 General Session