Hawaii Revised Statutes 431:4-116 Expense Pending Completion.

§431:4-116 Expense pending completion.

(a)(1) The incorporators of any insurer shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority.

(2) The incorporators of a corporation other than an insurer or the persons proposing to form a reciprocal insurer shall be jointly and severally liable for its debts or liabilities until it has completed its organization.

(b) Any portion of funds received on account of stock subscriptions which is allowed under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expenses incurred. [L 1987, c 347, pt of §2]

Section: Previous  431-4-109  431-4-110  431-4-111  431-4-112  431-4-113  431-4-114  431-4-115  431-4-116  431-4-117  431-4-118  431-4-119  431-4-120  431-4-121  431-4-122  431-4-123  Next

Last modified: October 27, 2016