40-1502. Statement of incorporators to be filed; contents of charter; deposit of securities; certificate of authority.
40-1502
40-1502. Statement of incorporators to be filed; contents of charter;deposit of securities; certificate of authority.Such persons so desiring to incorporate shall file in the office of thecommissioner of insurance a statement signed and duly acknowledged by allof the incorporators stating their purpose of forming a company asexpressed in the first section of this article, for the transaction of thebusiness of hail insurance, the number of acres of growing grain owned byeach, the amount of insurance subscribed for, the description and locationof the grain, the address of each subscriber, and a certified copy of thecharter. The charter shall set forth the corporate title of theorganization, which title shall include the word "mutual," the place ofbusiness, the home or general office thereof, the intended duration of thecompany, the directors chosen, and the specific purpose for which theorganization is formed. No certificate of authority shall be issued by thecommissioner of insurance until there shall have been deposited with thecommissioner by such company cash or securitiesin an amount not less than $20,000,which shall not be withdrawn untilall claims for hail damage be paid in full.
History: L. 1927, ch. 231, 40-1502; L. 1929, ch. 200, § 1;L. 1996, ch. 25, § 16; July 1.