435E-24 Noncomplying member.
§435E-24 Noncomplying member. In the event a participating member fails to comply with any provision of the trust agreement (other than a failure to pay assessments when due), the board of trustees may terminate the person’s membership status if such failure to comply is not cured within sixty days from the date the person is […]
435E-25 Voluntary termination of a member.
§435E-25 Voluntary termination of a member. A participating member who is then in full compliance with the trust agreement may elect voluntarily to terminate the participating member’s membership in the interindemnity arrangement. Upon voluntary termination, the person may further elect to cease being responsible for future assessments, or to continue to pay the assessments until […]
435E-26 Involuntary termination of a member.
§435E-26 Involuntary termination of a member. The board of trustees shall have the right to terminate the membership of a participating member where the board of trustees determines that such termination is in the best interests of the interindemnity arrangement even though such person has complied with all of the provisions of the trust agreement. […]
435E-27 Rights of members.
§435E-27 Rights of members. Each member participating in an interindemnity arrangement shall have the right of access to, and the inspection of, the books and records of the interindemnity arrangement, subject to reasonable regulation by the board of trustees. [L 1977, c 182, pt of §1]
435E-28 Meeting of members.
§435E-28 Meeting of members. There shall be a meeting of all members participating in the interindemnity arrangement, at least annually, after not less than ten days’ written notice has been given, at a location reasonably convenient to the participating members and on a date which is within a reasonable period of time following the distribution […]
435E-29 Termination.
§435E-29 Termination. The interindemnity arrangement, and the reserve trust fund incident thereto, shall be subject to termination at any time by the vote or written consent of not less than three-fourths of the participating members. [L 1977, c 182, pt of §1]
435E-22 Disability of member.
§435E-22 Disability of member. During any period in which a participating member, who is then in full compliance with the trust agreement, has, in the judgment of the board of trustees, become unable to perform any and every duty of his or her regular professional occupation, the indemnity coverage shall continue for the benefit of […]
435E-23 Member failure to pay.
§435E-23 Member failure to pay. In the event a participating member fails to pay any assessment when the same is due, the board of trustees may terminate such person’s membership status if such failure to pay is not cured within thirty days from the date the assessment was due. Upon termination the former participating member […]
435E-11 Trust agreement, required.
§435E-11 Trust agreement, required. (a) Each participating member shall enter into and, concurrently therewith, receive an executed copy of a trust agreement, which shall govern the collection and disposition of all funds of the interindemnity arrangement. (b) The trust agreement shall, as a minimum, provide for meeting all requirements of this part. [L 1977, c […]
435E-12 Trust corpus, contributions.
§435E-12 Trust corpus, contributions. There shall be an initial trust corpus of not less than $3,000,000 which corpus shall be a trust fund to secure enforcement of the interindemnity arrangement. The average initial contribution to such corpus shall be not less than $20,000 per member participating in the interindemnity arrangement. No such interindemnity arrangement shall […]