1998 Minnesota Statutes

     67A.01 Number of members required, property and 
  territory.  

    It shall be lawful for any number of persons, not less than 
 25, residing in adjoining townships in this state, who shall 
 collectively own property worth at least $50,000, to form 
 themselves into a corporation for mutual insurance against loss 
 or damage by the perils listed in section 67A.13.  Any such 
 company shall operate in no more than 150 adjoining townships in 
 the aggregate at the same time; provided, that when any such 
 company confines its operations to one county it may transact 
 business in the whole thereof by so providing in its certificate 
 of incorporation, and provided further that in case of merger of 
 two or more companies having contiguous territories, the 
 surviving company in the merger shall have the right to transact 
 business in the entire territory of the merged companies, but 
 the territory of the surviving company in the merger shall not 
 be larger than 250 townships.  

    HIST: 1967 c 395 art 8 s 1; 1971 c 135 s 1; 1975 c 15 s 1