§ 27-3-2-5 — Certificate of incorporation; body corporate; deposit of securities; change of deposited securities

Indiana § 27-3-2-5

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 3: CONSOLIDATIONS AND REORGANIZATION
• Ch. 2: Assessment Plans─Reorganization Into Stock Companies

Text

And thereupon, when all of said stock shall have
been subscribed, a statement shall be filed with the secretary of state,
and that officer shall give to such company a certificate of
incorporation under the officer's seal of office, declaring the corporate
name of such company, the amount of capital stock, and the amount of
securities deposited with the state comptroller, as hereinafter provided,
the names of the directors who are to conduct the business of the
company for the first year, and henceforth upon the payment to such
officer of the fee provided by law to be paid for the incorporation of
joint stock companies; and said company shall then become a body
corporate, with the power and authority to sue and be sued as such, in
any proper court, and such company may carry on the business of
insuring property against loss or damage by fire, in a manner not
inconsistent with the laws of this state, as a stock company. However,
before such company shall issue any policies of insurance, such
company shall deposit in the office of the state comptroller of Indiana,
stocks, bonds or notes to be approved by the state comptroller, to the
amount of twenty-five percent (25%) of the capital stock of said
company, the interest on which is to be paid to said company, provided
that the securities so held may be replaced by other securities to be first
approved by the state comptroller, when by reason of their maturity or
other good cause, it shall seem necessary or proper for the best interest
of such company to replace them.
Formerly: Acts 1895, c.158, s.5. As amended by P.L.9-2024,
SEC.483.