§ 429. Election of directors and trustees; terms; vacancies
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 429
§ 429. Election of directors and trustees; terms; vacancies
Any stockholder or member elected to the post of director or trustee shall continue in office unless the insurance commissioner, after such investigation as he deems proper, shall determine that the responsibility, character, and general fitness for the business, of such individual are not such as to command the confidence of the public, and to warrant the belief that the business of the company will be honestly and efficiently conducted in accordance with the intent and purpose of this act. Any adjudication by the insurance commissioner pursuant to this section shall be subject to the provisions of the “Administrative Agency Law,” Act of June 4, 1945 (P.L. 1388).1
Credits
1921, May 17, P.L. 682, art. III, § 308. Amended 1953, July 2, P.L. 336, § 1; 1953, July 2, P.L. 337, § 1; 1968, Nov. 27, P.L. 1118, No. 349, § 7. Affected 1990, Dec. 19, P.L. 834, No. 198, § 401(b), effective in 6 months.
Footnotes
71 P.S. § 1710.1 et seq. (repealed); see 2 Pa.C.S.A. § 101.
40 P.S. § 429, PA ST 40 P.S. § 429
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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