The director shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of the sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer, corporation or syndicate if
(1) the proposed insurer, corporation, or syndicate fails to complete its organization and obtain full payment for subscriptions and applications, and, if an insurer, it fails to secure its certificate of authority, all before expiration of the solicitation permit; or
(2) the director revokes the solicitation permit.
Section: Previous 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 21.69.250 21.69.260 NextLast modified: November 15, 2016