Section 16. Farmers' Mutual Fire Insurance Companies, 33-16-1 through 33-16-22.
ARTICLE 7
MISCELLANEOUS PROVISIONS
33-16-8. Contents of bylaws generally; amendment of bylaws; provision for exclusion of members.
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The bylaws shall state the time and manner of the levy and payment of all premiums or assessments for all insurance written by the company.
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The bylaws shall also fix the liability of the policyholders for all losses accrued while the policies are in force, in addition to the regular premium or assessment of the policyholders, and the time and manner of payment of such liability.
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The bylaws may be amended and any such amendment shall be filed with the Commissioner at least 30 days prior to its adoption.
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The bylaws may contain provisions for the exclusion of any member of the company who refuses or neglects to pay his or her assessment or for any other reasons satisfactory to the directors to be excluded from the insurer.
(Ga. L. 1924, p. 122, § 2; Code 1933, § 56-1412; Code 1933, § 56-2008, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2000, p. 136, § 33; Ga. L. 2012, p. 1040, § 1/SB 203.)
The 2012 amendment,
effective July 1, 2012, substituted "at least 30 days prior to" for "within 30 days after" in subsection (c); and inserted "or her" in subsection (d).
