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§ 58-5-47 Bylaws of domestic stock insurer--Adoption, modification, and revocation.

SD Codified L § 58-5-47 (2019) (N/A)
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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).

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§ 58-5-46 Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds.
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§ 58-5-48 Bylaws of domestic stock insurer subject to approval of director.