The stock, property, and business of every company organized under this subdivision shall be managed by the directors who shall, except for the 1st year, be annually elected, at such time and place as shall be determined by the bylaws of the company. All proxies used in the election of directors of such companies shall be valid for a period not exceeding 1 year from the election for which they were signed and in which they were authorized to be voted.
1981 Ed., § 35-621.
1973 Ed., § 35-521.
This section is referenced in § 31-735.
Effect of Amendments
D.C. Law 16-232 deleted the second sentence, which had read: “Every director of such a stock company shall be a stockholder thereof, and every director of such a mutual company shall be a policyholder thereof.”
Mutual insurance holding company, membership interest, see § 31-735.
Quo warranto proceedings to question right to corporate office, see § 16-3501 et seq.