41-3102. ORGANIZATION OF COUNTY MUTUAL FIRE INSURERS. (1) Twenty-five (25) or more citizens of Idaho, each of whom shall be owner of substantial insurable property in a county of this state within which the insurer proposes to do business, may hereafter incorporate a county mutual fire insurer.

(2) The incorporators shall prepare and execute in quadruplicate articles of incorporation setting forth:

(a) The name of the corporation, which shall contain the words "county mutual fire insurance company" preceded by a distinctive name which is not so similar to that of any other authorized insurer as to be likely to confuse or mislead;

(b) The county or counties of this state within which the insurer proposes to do business, and the name of the town or city therein in which the insurer’s head office is to be located;

(c) The objects for which the corporation is formed, including the property to be insured and the perils to be assumed by the insurer, which shall not be in excess of the insuring power of such an insurer as set forth in this chapter;

(d) That insurance shall be limited to members of the insurer, and that each such member shall be liable to assessment for payment of the losses and expenses of the insurer, and that such liability may be enforced by the corporation;

(e) The duration of the corporation’s existence, which may be for a specified term of years or perpetual;

(f) The name, residence address in this state, and citizenship of each incorporator;

(g) The names of the corporation’s initial board of directors, not less than nine (9) in number, who shall manage the insurer’s affairs for a specified term which shall not exceed one (1) year from date of incorporation; and

(h) Such other lawful provisions as may be necessary or desirable.

(3) The articles of incorporation so executed shall be acknowledged by at least three (3) of the incorporators before an officer authorized to take acknowledgment of deeds.

History:

[41-3102, added 1961, ch. 330, sec. 660, p. 645.]