California § 7012. 7012. (Enacted by Stats. 1935, Ch. 145.)

California Statutes

§ 7012. — 7012. (Enacted by Stats. 1935, Ch. 145.)

California § 7012.

JurisdictionCalifornia

Code INSInsurance Code - INS

Div. 2.DIVISION 2. CLASSES OF INSURANCE

Part 1.PART 1. FIRE AND MARINE INSURANCE

Ch. 5.CHAPTER 5. County Mutual Fire Insurers

Art. 8.ARTICLE 8. Assessments

This text of California § 7012. (7012. (Enacted by Stats. 1935, Ch. 145.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Insurance Code - INS Code § 7012. (2026).

Text

When the amount of such loss does not exceed one-eighth of one per cent of the total amount of insurance in force in the insurer, its directors may, by resolution in writing signed by two-thirds of all the directors while present at a meeting, borrow money in the name of the insurer and give its evidence of indebtedness therefor, in a total amount not exceeding one-eighth of one per cent of the total amount of insurance thus in force.

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When the amount of such loss does not exceed one-eighth of one per cent of the total amount of insurance in force in the insurer, its directors may, by resolution in writing signed by two-thirds of all the directors while present at a meeting, borrow money in the name of the insurer and give its evidence of indebtedness therefor, in a total amount not exceeding one-eighth of one per cent of the total amount of insurance thus in force.

Legislative History

Enacted by Stats. 1935, Ch. 145.

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California § 7012., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/INS/7012..