§ 48.08.010. Increase of capital stock
(1) Increase of the capital stock of a domestic stock insurer shall be by amendment to its articles of incorporation.
(2) If the increased capital stock is to be distributed as a stock dividend, such increased capital stock may be fully paid in out of any available surplus funds as is provided in RCW 48.08.030, and such payment shall be effected by a transfer on the insurer's books from its surplus account to its capital account.
(3) When the increased capital has been fully paid in, a certificate to such effect shall be made in quadruplicate under oath and the corporate seal by the insurer's president and secretary and filed in the public offices named in RCW 48.07.070.
[1953 c 197 § 4; 1947 c 79 § .08.01; Rem. Supp. 1947 § 45.08.01.]
Sections: 48.08.010 48.08.020 48.08.030 48.08.040 48.08.050 48.08.060 48.08.070 48.08.080 48.08.090 48.08.100 48.08.110 48.08.120 48.08.130 48.08.140 48.08.150 NextLast modified: April 7, 2009