SEC. 83-41-5. Articles of incorporation.

Companies may be formed and organized to engage in the business set out in section 83-41-1 with a paid in capital stock of not less than $10,000.00. The proposed incorporators, a majority of whom must be residents of the state, and not less than three, shall subscribe articles of incorporation in which shall be stated:

(a) The proposed corporate name of the company, which shall not so closely resemble the name of any corporation already transacting business in this state as to mislead the public or lead to confusion;

(b) The purpose for which it was formed and the business plan or principle of the operation of its business;

(c) The names, residence, and official titles of all the officers who are to have and exercise the general control and management of the affairs and the funds of the corporation;

(d) The domicile of the proposed corporation;

(e) The amount of the capital stock.

The charter or articles of incorporation shall be approved by the attorney general and insurance commissioner, and a certificate of approval shall be executed by the commissioner. The charter as thus approved shall be recorded in the office of the insurance commissioner of this state and shall also be recorded in the office of the secretary of state.

Any corporation engaging in the business set forth in section 83-41-1 shall also file with the insurance commissioner sample forms of all such contracts as it proposes to make and enter into and the rates to be charged, and shall secure from the insurance commissioner of this state annually a license to engage in said business before engaging therein in like manner as if such corporation were a person, firm, or association as set forth in section 83-41-3.

SOURCES: Codes, 1942, Sec. 5608; Laws, 1936, ch. 177.

1997 Amendment

SECTION 1. Sections 83-41-1, 83-41-3, 83-41-5, 83-41-7, 83-41-9, 83-41-11, 83-41-13, 83-41-15, 83-41-17 and 83-41-19, Mississippi Code of 1972, which provide for the organization and regulation of hospital and medical service associations by the Commissioner of Insurance, are repealed.

SOURCE: 1997 Laws, Chapter 307, Sec. 1, SB2066, Effective July 1, 1997.