§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 NextLast modified: October 27, 2016