§ 27-3-2-3 — Subscription rights

Every person who is a member of such company
on the day of such meeting shall, for thirty (30) days after the opening
of subscription books as aforesaid, be entitled to subscribe to that
proportionate number of shares of the capital stock, agreed upon to be
issued, which the premium note or notes owing by such member and
held by such company on unexpired policies, in force on the day of
such meeting aforesaid, shall bear to the entire amount of such notes
then held by such company, and upon the payment of such
subscription, said note or notes shall be canceled and delivered to such
members. If at the end of thirty (30) days from the opening of
subscription books, the full amount of the capital stock designated has
not been subscribed under the provisions of this section, then other
subscriptions may be received, to be paid for as the directors of said
company may require within eighteen (18) months.
Formerly: Acts 1895, c.158, s.3.