Code of Alabama - Title 27: Insurance - Section 27-34-22 - Members - Payment of equitable part of deficiency

Section 27-34-22 - Members - Payment of equitable part of deficiency.

A society shall provide in its constitution or laws that if its reserves as to all or any class of certificates become impaired, its board of directors, or corresponding body, may require that there shall be paid by the member of the society the amount of the member's equitable proportion of such deficiency as ascertained by its board and that, if the payment is not made, it shall stand as an indebtedness against the member's certificate and draw interest not to exceed five percent per annum, compounded annually.

(Acts 1911, No. 476, p. 700; Acts 1971, No. 407, p. 707, §693.)

Last modified: May 3, 2021