(a) A proposed stock insurer, corporation, or syndicate may not issue a share of stock or participation agreement except for payment in cash or in securities eligible for investment of funds of insurers. Shares or an agreement may not be issued until all subscriptions received under the solicitation permit have been fully paid, or, if an insurer, until a certificate of authority has been issued to it.
(b) Every subscription contract to shares of a stock insurer or other corporation calling for payment in installments, together with all amounts paid, may be forfeited at the option of the corporation, upon failure to make good a delinquency in an installment upon not less than 45 days notice in writing, and every such contract must so provide.
Section: Previous 21.69.100 21.69.110 21.69.120 21.69.130 21.69.140 21.69.150 21.69.160 21.69.170 21.69.180 21.69.190 21.69.200 21.69.210 21.69.220 21.69.230 21.69.240 NextLast modified: November 15, 2016