44-386.03. Unincorporated mutual associations; annual meetings; election of officers and directors; vote required; notice of meeting.

Every such association shall hold annual meetings of its members at regular intervals which shall not be, in any case, more than fourteen nor less than ten months apart. At such annual meeting there shall be transacted such business of the association as may come before it, which business shall include but not be limited to the election of officers or directors from among the members. All of said officers or directors shall be elected annually and shall not be less than five in number; Provided, that the Director of Insurance may approve a different number of directors and officers, or a different method of choosing the directors or officers, or both, or both a different number and a different method of choosing such directors and officers, if, in the opinion of the director, the interests of the members of the association are adequately protected thereby. Passage of all matters and business of such association shall require at least a majority vote of the members present in person or by proxy at any annual meeting or at any special meeting called. Notice of such annual meeting or special meeting shall be mailed to each member at his last-known address or otherwise distributed to him not less than ten nor more than thirty days prior to such meeting; Provided, that all references to members in this section shall be construed to mean a parent or the legal guardian of every member who is under twenty years of age. The minutes of every annual and special meeting must be taken and made available to any member upon request.

Source:Laws 1963, c. 268, § 4, p. 802; Laws 1969, c. 367, § 2, p. 1304; Laws 1972, LB 1059, § 1.