§ 48.06.130. Liability of organizers -- Organization expense
(1) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority, if an insurer, or has completed its organization if a corporation other than an insurer or a syndicate.
(2) Any portion of funds received on account of stock or syndicate subscriptions which is allowed therefor under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expense theretofore incurred.
[1947 c 79 § .06.13; Rem. Supp. 1947 § 45.06.13.]
Sections: Previous 48.06.050 48.06.060 48.06.070 48.06.080 48.06.090 48.06.100 48.06.110 48.06.120 48.06.130 48.06.150 48.06.160 48.06.170 48.06.180 48.06.190 48.06.200 NextLast modified: April 7, 2009