§ 27-1-20-4 — Revaluation of investments omitting interest or dividends

If any investment when made or purchased
conforms to the requirements of this law, or of any law of this state at
the date of such deposit, it shall continue to be eligible for deposit for
the full amount thereof so long as: (a) in the case of an interest-bearing
investment, the interest is not in default for more than two (2) years;
and (b) in the case of a dividend-paying investment, the dividends are
not unpaid for more than two (2) years: Provided, however, That when
there shall be a default in the payment of interest, or a failure to pay
dividends, for a period of more than two (2) years, the commissioner
may, if he deems it advisable, require the company to furnish
reasonable proof of the then fair value of the investment and the same
shall thereafter continue to be a proper investment and available for
deposit for the fair value thus determined, not exceeding the amount
due on any given promise to pay or the amount paid for a given share
of stock.
Formerly: Acts 1935, c.162, s.251.