Sec. 912.061. APPLICATION FOR EXTENSION OF CHARTER; TERM. (a) Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire. (b) The application for an extension must: (1) demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting; (2) state in full the charter to be extended; (3) state the period for which the charter is to be extended; (4) be signed and acknowledged by the president and secretary of the company; and (5) be accompanied by a fee of $50. (c) A company whose charter is extended retains the rights, privileges, and immunities granted a county mutual insurance company by this chapter.
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