§431:4-313 Directors. (a) No individual shall be a director of a domestic mutual insurer by reason of the individual's holding public office (i.e. ex officio).
(b) An individual is disqualified from being or acting as a director if such person:
(1) Is adjudged as a bankrupt;
(2) Took the benefit of any insolvency law; or
(3) Made a general assignment for the benefit of creditors. [L 1987, c 347, pt of §2]