83-19-41 - No stock to be placed on option.
§ 83-19-41. No stock to be placed on option.
The commissioner of insurance shall examine the charter and bylaws of each company applying for license to do business under the domestic insurance company laws to determine that no stock is placed on option. It shall be unlawful for any domestic insurance company to declare a stock dividend within five (5) years from date of incorporation.
Sources: Codes, 1942, § 5661-04; Laws, 1958, ch. 438, § 5, eff from and after passage (approved May 6, 1958).