20-1096.01 Formation of mechanical reimbursement reinsurer; articles of incorporation

20-1096.01. Formation of mechanical reimbursement reinsurer; articles of incorporation

A. Five or more individuals who are eighteen years of age or older may incorporate as a mechanical reimbursement reinsurer. Not less than two-thirds of the incorporators shall be citizens of the United States residing in this state.

B. In addition to the requirements of title 10, chapter 2, article 1, the articles of incorporation shall state:

1. The limitation upon the powers of the corporation consistent with this article.

2. The number of directors, not less than five nor more than fifteen, who shall conduct the affairs of the corporation and the names and addresses of the corporation's first directors and officers for stated terms of office of not less than two months or more than one year.

3. The time of the annual meeting of shareholders.

4. The city or town in this state in which the principal place of business is to be located and the counties, states and countries in which business may be transacted.

5. The limitations, if any, on the corporation's indebtedness.

6. The extent, if any, to which stock of the corporation is liable to assessment.