§ 38.2-1011. Disposition of dividends after payments provided in conversion plan
After the payment of stockholder dividends as provided in the plan adopted under § 38.2-1006, and after paying the necessary expenses of executing the trust all dividends and other sums received by the trustees on the shares of acquired stock, shall be immediately repaid to the insurer for the benefit of those who are or may become policyholders of the insurer and entitled to participate in the profits of the insurer. These payments shall be added to and become a part of the earned surplus of the insurer.
(Code 1950, § 38-426; 1952, c. 317, § 38.1-495; 1986, c. 562.)
Sections: Previous 38.2-1005.1:12 38.2-1005.1:13 38.2-1006 38.2-1007 38.2-1008 38.2-1009 38.2-1010 38.2-1011 38.2-1012 38.2-1013 38.2-1014 38.2-1015 38.2-1016 38.2-1016.1 38.2-1017 NextLast modified: April 16, 2009