Untitled section

612.02

 

Organization of town mutuals.

612.02(1)

(1)

 

Incorporating members.

A town mutual may be organized by 100 or more adult natural persons each of whom owns an interest in a separate insurable risk in the territory described in sub. (2) (c) , and each of whom agrees to insure those risks in the town mutual, at least against damage by fire.

612.02(2)

(2)

 

Articles of incorporation.

The articles shall state:

612.02(2)(a)

(a)

The name of the corporation;

612.02(2)(b)

(b)

The address of the principal office, which may be designated as the residence or business office of the holder of a specified corporate office;

612.02(2)(c)

(c)

The territory within which the corporation plans to operate which may not exceed 8 contiguous counties, except that the commissioner may authorize a broader territory aggregating no more than 16 contiguous counties;

612.02(2)(d)

(d)

The types of insurance to be written which shall conform to s.