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Chapter 71A
Section 71A.06
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This is an historical version of this statute chapter. Also view the most recent published version.
71A.06 EXCHANGE OF CONTRACTS.
Subdivision 1. Extension of corporate powers. Any corporation now or hereafter organized
under the laws of this state shall, in addition to the rights, powers, and franchises specified in its
articles of incorporation, have full power and authority to exchange insurance contracts of the
kind and character herein mentioned. The right to exchange these contracts is hereby declared to
be incidental to the purposes for which the corporations are organized and is as much granted
as the rights and powers expressly conferred.
Subd. 2. Public corporations. Public corporations may exchange reciprocal or interinsurance
contracts only when the issuing exchange has a surplus of $300,000 or more and said contracts
are issued without contingent liability.
History: 1967 c 395 art 11 s 6
Subdivision 1. Extension of corporate powers. Any corporation now or hereafter organized
under the laws of this state shall, in addition to the rights, powers, and franchises specified in its
articles of incorporation, have full power and authority to exchange insurance contracts of the
kind and character herein mentioned. The right to exchange these contracts is hereby declared to
be incidental to the purposes for which the corporations are organized and is as much granted
as the rights and powers expressly conferred.
Subd. 2. Public corporations. Public corporations may exchange reciprocal or interinsurance
contracts only when the issuing exchange has a surplus of $300,000 or more and said contracts
are issued without contingent liability.
History: 1967 c 395 art 11 s 6
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Revisor of Statutes