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(a) A member of a domestic mutual insurer may vote in person or by proxy given another member on any matter coming before a corporate meeting of members; Provided, however, That an officer of the insurer shall not hold or vote the proxy of any member.
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(b) No such proxy shall be valid beyond the earlier of the following dates—
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(1) the date of expiration set forth in the proxy;
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(2) the date of termination of membership; or
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(3) five years from the date of execution of the proxy.
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(c) No member’s vote upon any proposal to divest the insurer of its business and assets, or the major part thereof, shall be registered or taken except in person or by a proxy newly executed and specific as to the matter to be voted upon.