Indiana § 27-3-2-1 Authority to issue stock

Indiana Statutes

§ 27-3-2-1 — Authority to issue stock

Indiana § 27-3-2-1

Title 27INSURANCE

Art. 3CONSOLIDATIONS AND REORGANIZATION

Ch. 2Assessment Plans─Reorganization Into Stock Companies

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Bluebook

Ind. Code § 27-3-2-1 (2026).

Text

Any insurance company organized and doing
business under the laws of this state on what is known as the
assessment plan, and having more than one thousand (1,000) members,
and a reserve fund of not less than one hundred thousand dollars
($100,000), is authorized, subject to the limitations set forth in this
chapter, to issue stock in shares of fifty dollars ($50) each, to an
amount of not less than one hundred thousand (100,000) nor more than
five hundred thousand dollars ($500,000), and to receive subscriptions
for the stock.
Formerly: Acts 1895, c.158, s.1. As amended by P.L.136-2018,
SEC.169.

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Any insurance company organized and doing
business under the laws of this state on what is known as the
assessment plan, and having more than one thousand (1,000) members,
and a reserve fund of not less than one hundred thousand dollars
($100,000), is authorized, subject to the limitations set forth in this
chapter, to issue stock in shares of fifty dollars ($50) each, to an
amount of not less than one hundred thousand (100,000) nor more than
five hundred thousand dollars ($500,000), and to receive subscriptions
for the stock.
Formerly: Acts 1895, c.158, s.1. As amended by P.L.136-2018,
SEC.169.