Section 58-38-5 - Board of directors--Minimum number--Qualifications--Selection--Term of office

58-38-5. Board of directors--Minimum number--Qualifications--Selection--Term of office.The business of a medical and surgical plan corporation shall be managed by a board of directors of at least five persons possessing the same general qualifications as the incorporators and they shall be selected, and their number fixed, in the manner set out in the bylaws for three-year terms. At least a majority of the directors of said corporation must be at all times physicians or surgeons who have contracted, or may contract with such corporation to render to its subscribers medical or surgical service. Source: SL 1966, ch 111, ch 21, §4.