Alabama § 27-34-22 Members - Payment of Equitable Part of Deficiency

Alabama Statutes

§ 27-34-22 — Members - Payment of Equitable Part of Deficiency

Alabama § 27-34-22

Title 27Insurance

Ch. 34Fraternal Benefit Societies

This text of Alabama § 27-34-22 (Members - Payment of Equitable Part of Deficiency) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-34-22 (2026).

Text

A society shall provide in its constitution or laws that if its reserves as to all or any class of certificates become impaired, its board of directors, or corresponding body, may require that there shall be paid by the member of the society the amount of the member’s equitable proportion of such deficiency as ascertained by its board and that, if the payment is not made, it shall stand as an indebtedness against the member’s certificate and draw interest not to exceed five percent per annum, compounded annually.

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A society shall provide in its constitution or laws that if its reserves as to all or any class of certificates become impaired, its board of directors, or corresponding body, may require that there shall be paid by the member of the society the amount of the member’s equitable proportion of such deficiency as ascertained by its board and that, if the payment is not made, it shall stand as an indebtedness against the member’s certificate and draw interest not to exceed five percent per annum, compounded annually.