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§ 58-5-81 Quorum of directors during national emergency--Filling vacancies in board.

SD Codified L § 58-5-81 (2019) (N/A)
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58-5-81. Quorum of directors during national emergency--Filling vacancies in board. In the event that the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such a national emergency:

(1) Three directors shall constitute a quorum for the transaction of business at all meetings of the board; and

(2) Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.Source: SL 1966, ch 111, ch 16, § 43 (3).

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§ 58-5-80 Bylaws to cover management during national emergency.
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§ 58-5-82 Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director.