40-1501. Formation of companies; membership fee.
40-1501
40-1501. Formation of companies; membership fee.Any number of persons, not less than four hundred, residing in thisstate, who collectively own not less than twenty thousand acres of growinggrain, in this state, which they desire to insure against loss or damage byhail, and who shall actually subscribe for such insurance to the amount oftwo hundred thousand dollars, in not less than four hundred separate risks,located in not less than ten counties, and upon not more than five risks ofone hundred sixty acres each in any one township, may form an incorporatedcompany for the purpose of mutually insuring growing grain against loss ordamage by hail: Provided, That each subscriber shall have paid amembership fee of five dollars, for which duplicate receipts have beenexecuted conditioned for the return thereof at the end of one year fromdate of first subscription if the company has not then completed itsorganization, the original receipt to be delivered to the membersubscribing, and the duplicate receipt, together with the fee, shall withinthirty days after the execution thereof be deposited with the commissionerof insurance, until a certificate of authority to transact business hasbeen granted by the commissioner of insurance, if granted within one yearfrom date of first subscription, otherwise to be returned to thesubscribing member.
History: L. 1927, ch. 231, 40-1501; June 1.