67A.01 NUMBER OF MEMBERS REQUIRED, PROPERTY AND TERRITORY.
(a) 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
(b) Except as otherwise provided in this section, the company shall operate in no more than
150 adjoining townships in the aggregate at the same time. The company may, if approval has been
granted by the commissioner, operate in more than 150 adjoining townships in the aggregate at the
same time, subject to a maximum of 300 townships. If the company confines its operations to one
county it may transact business in that county by so providing in its certificate of incorporation. In
case of merger of two or more companies having contiguous territories, the surviving company in
the merger may transact business in the entire territory of the merged companies, but the territory
of the surviving company in the merger must not be larger than 300 townships.
History: 1967 c 395 art 8 s 1; 1971 c 135 s 1; 1975 c 15 s 1; 1999 c 53 s 1