33-22-1504. Association board of directors -- organization. (1) There is a board of directors of the association, consisting of eight individuals:
     (a) one from each of the five participating members of the association with the highest annual premium volume of disability insurance contracts or health service corporation contracts, derived from or on behalf of residents in the previous calendar year, as determined by the commissioner;
     (b) two members at large who must be participating members of the association, appointed by the commissioner; and
     (c) a member at large, appointed by the commissioner to represent the public interest, who shall serve in an advisory capacity only.
     (2) Each of the seven board members representing the association members is entitled to a weighted average vote, in person or by proxy, based on the association member's annual Montana premium volume. However, a board member may not have more than 50% of the vote.
     (3) Members of the board may be reimbursed from the money of the association for expenses incurred by them because of their service as board members but may not otherwise be compensated by the association for their services. The costs of conducting the meetings of the association and its board of directors must be borne by participating members of the association in accordance with 33-22-1513.

     History: En. Sec. 4, Ch. 595, L. 1985; amd. Sec. 16, Ch. 798, L. 1991; amd. Sec. 7, Ch. 357, L. 1995.