515.14 Membership in mutuals. Any public or private corporation, board, or association in this state, or elsewhere, may make applications, enter into agreements for and hold policies in any such mutual insurancecompany. Any officer, stockholder, trustee, or local representative of any such corporation,board, association, or estate may be recognized as acting for, or on its behalf for the purposeof such membership, but shall not be personally liable upon such contract of insurance byreason of acting in such representative capacity. The right of any corporation organized underthe laws of this state to participate as a member of any such mutual insurance company ishereby declared to be incidental to the purpose for which such corporation is organized andas much granted as the rights and powers expressly conferred. [C73, §1124; C97, §1693; C24, 27, 31, 35, 39, §8907; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.14] Sat Dec 23 00:46:34 2023 Iowa Code 2024, Section 515.14 (20, 0)
Iowa Legal Code