Section 58-5-39 - Bylaws of domestic mutual insurer--Adoption, modification, and revocation

58-5-39. Bylaws of domestic mutual insurer--Adoption, modification, and revocation.The initial board of directors of a domestic mutual insurer shall adopt bylaws, subject to the approval of the insurer's members at the next succeeding meeting by a two-thirds vote of those present in person or by proxy. The members shall have power by a two-thirds vote of those present in person or by proxy to make, modify, and revoke bylaws. Source: SL 1966, ch 111, ch 16, §16 (1).