40-204. Unlawful to offer stock for sale without permit from commissioner; void shares, when.
40-204
40-204. Unlawful to offer stock for sale without permit fromcommissioner; void shares, when.It shall be unlawful for any insurance company or health maintenanceorganization, its agents or representatives, to offer the stock of suchcompany for sale unless itshall have first obtained from the commissioner of insurance a permitauthorizing and providing the terms of such sale. Any share of stock issuedby an insurance company or health maintenance organization without a permitof the commissioner authorizingthe same in effect at the time of issue, shall be void. Any share of stockissued under a permit of the commissioner shall be void unless itsprovisions conform to the provisions, if any, required by the permit.
History: L. 1927, ch. 231, 40-204; L. 1965, ch. 295, § 1;L. 1996, ch. 169, § 1; July 1.