KRS 299.270: Directors of reorganized company -- Election -- Powers.

Upon the receipt of the certificate from the commissioner authorizing the reorganized

company to do business upon the stock or mutual plan, the stockholders may elect from

among themselves directors, in accordance with the articles of incorporation and byl aws

of the company and the laws of this state, to hold office until the ensuing annual meeting

and until their successors have been duly elected and qualified. The directors so elected

shall have all the rights and powers proper to be exercised by the dire ctors of life

insurance companies upon the mutual or stock plan.