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Section 500.5824 Voting Rights of Members; Administrative Services Agreements.

MI Comp L § 500.5824 (2019) (N/A)
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Sec. 5824.

Every member of the company is entitled to 1 vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws. A nonprofit mutual disability insurer may permit entities holding administrative services agreements with it to be members and may provide in its bylaws the basis for the number of votes the entities will have as members.

History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2013, Act 5, Imd. Eff. Mar. 18, 2013 Popular Name: Act 218

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Section 500.5818 Domestic Mutual Insurers; Rights of Corporation and Other Bodies to Be Members.
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Section 500.5825 Rights or Interests of Member of Nonprofit Mutual Disability Insurer; Dissolution or Winding Up of Nonprofit Mutual Disability Insurer; Distribution and Administration of Residual Value; Conditions Requiring Payments to Michigan Health Endowment Fund; Determination by Independent Valuation; "Beneficially Own" Defined.