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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 670. Provisions in Lieu of Emergency Bylaws.
previous: Section 660
. Adoption of Emergency Bylaws.
next: Section 680
. Succession of Corporate Officers During National Emergency.
AS 21.69.670. Provisions in Lieu of Emergency Bylaws.
If the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions become
effective upon the occurrence of a national emergency:
- (1) Three directors constitute a quorum for the transaction of business at all meetings of the board.
- (2) A vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole
- (3) If there are no surviving directors, but at least three vice presidents of the insurer survive, the three vice
presidents with the longest term of service shall be the directors and shall possess all of the powers of the previous
board of directors and the powers that are granted herein or by subsequently enacted legislation. By a majority vote
the emergency board of directors may elect other directors. If there are not at least three surviving vice presidents,
the director of insurance or designated person exercising the powers of director of insurance shall appoint three
persons as directors who shall possess all of the powers of the previous board of directors and the powers that are
granted herein or by subsequently enacted legislation, and these persons by majority vote may elect other directors.
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