§ 1201. Incorporation of stock or mutual insurance companies. (a) A\ncorporation may be organized and licensed to do an insurance business in\nthis state by taking the following successive steps, subject to\napplicable requirements of this chapter:\n (1) The proposed incorporators, comprising at least nine natural\npersons (except as provided in section six thousand four hundred two of\nthis chapter), shall submit to the superintendent, in writing, the\ncorporation's proposed name, the county in which its principal office\nwill be located, and the name and address of a public newspaper of\ngeneral circulation in such county.\n (2) If the superintendent approves the proposed name and newspaper,\neach as conforming to the requirements of law, he shall so notify the\nproposed incorporators, or their representative, in writing. Such\napproval shall become void if within six months from its date the\ndeclaration and charter referred to in paragraphs four and five hereof\nare not filed pursuant to paragraph six hereof.\n (3) The proposed incorporators shall publish in such newspaper, twice\na week for three successive weeks or once a week for six successive\nweeks, a notice of intention to form such a corporation, stating its\nproposed name, the kinds of insurance business to be transacted, the\nnames and city and state of residence of the proposed incorporators, the\nlocation of its principal office in this state, and, if a stock\ncorporation, the amount of its proposed initial capital.\n (4) The proposed incorporators shall submit to the superintendent:\n (A) proof of such publication by the affidavit of the publisher or of\nhis foreman or clerk; and\n (B) a declaration, signed by each incorporator and duly acknowledged\nbefore a notary public or other officer authorized to take\nacknowledgments of conveyances of real property within this state.\n (5) (A) Such declaration shall be in the English language, shall state\nthe proposed incorporators' intention to form a corporation to do one or\nmore kinds of insurance business authorized by section one thousand one\nhundred thirteen of this chapter, shall specify the paragraphs defining\nsuch kinds of insurance business and shall set forth a copy of the\ncorporation's proposed charter.\n (B) The corporation's proposed charter shall contain:\n (i) the corporation's name, which shall include a distinctive word or\nwords, and, if a mutual corporation, shall contain the word "mutual";\n (ii) the place where its principal office is to be located;\n (iii) the kinds of insurance to be transacted, specified as above\nrequired;\n (iv) the manner in which corporate powers are to be exercised;\n (v) the number of directors, or that it shall be not less than a\nstated minimum nor more than a stated maximum. Except as provided in\nsection six thousand four hundred two of this chapter the number of\ndirectors shall not be less than seven. As used in this item, "number of\ndirectors" means the total number of directors which the corporation\nwould have if there were no vacancies;\n (vi) the times and manner of electing directors and officers, the\nmanner of filling vacancies, and provision that each director shall be\nat least eighteen years of age and that at all times a majority shall be\ncitizens and residents of the United States, and that not less than one\nshall be a resident of this state;\n (vii) the names and city and state of residence of the directors, who\nshall serve until the first annual meeting of such corporation;\n (viii) the duration of its corporate existence, which shall be not\nless than thirty years;\n (ix) the amount of its capital, if a stock corporation; and\n (x) any other particulars necessary to explain the corporation's\nobjects, purposes, management and control.\n (C) The corporation's proposed charter may authorize the use in a\nforeign country where it does or proposes to do business of a specified\ntranslation of its name in any language commonly
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