As a stock corporation, the shareholders will elect the company’s
Board of Directors. The Board of Directors of Novus will be
composed mostly of physician leaders. Presently, a Board of Directors has been formed to act as a precursor to the
eventual board of directors. The intent is to have working
board that will meet frequently and will set the overall policies
of the company. One of the Board’s principal responsibilities
will be oversight of the Loss Control Program.
Novus’ stockholders are protected against personal
liability for the debts or liabilities of the corporation
just like stockholders in any other corporation.
Novus will qualify as a risk retention group under federal
law, allowing it to write liability insurance nationwide with
a minimum of regulation by each individual state in which
it conducts business.
Novus expects to provide to members who retire the opportunity
to redeem their stock at its net book value, creating the
potential to realize an appreciation in value on their investment
in Novus.
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