613.12 Articles and bylaws.

(1) Contents of articles. The articles of a service insurance corporation shall conform to s. 181.0202, except that:

(a) The name of the corporation shall include descriptive terms to indicate the general nature of the services or care to be provided, or a trade name that is generally understood as indicating such service or care, and shall comply with s. 181.0401 (2) to (4);

(am) The articles shall include a statement that the corporation is a service insurance corporation organized under this chapter;

(b) The purposes of the corporation shall be limited to those permitted in s. 610.21;

(c) The services to be provided or for which indemnity is to be paid shall be generally described and shall be of the same kind as the services ordinarily provided by any members of the corporation in their profession or business, or of the persons entitled to designate members, and services ancillary thereto;

(d) The articles shall state whether members or other providers of services are subject to assessments for the purpose of paying operating costs or financial deficits, the general conditions and procedures for levying such assessments and any limitations on the assessments that may be levied;

(e) The articles shall state, for corporations having members, how persons may become members and that only members may vote; and

(f) The articles of a corporation not having members shall state how the directors of the corporation shall be selected.

(2) Bylaws. The bylaws of a service insurance corporation shall comply with this chapter, and with ss. 181.0206, 181.0207 and 181.1020 to 181.1022. A copy of any amendments to the bylaws shall be filed with the commissioner within 60 days after adoption.

(3) Principal officers. The articles or bylaws shall specifically designate 3 or more offices, the holders of which shall be the principal officers of the corporation. The principal offices shall be held by at least 3 separate natural persons.

History: 1975 c. 223; 1997 a. 79; 2015 a. 197 s. 51.