Indiana § 27-3-2-8 Treatment of assets

Indiana Statutes

§ 27-3-2-8 — Treatment of assets

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

No part of the assets now possessed by such
company, or that shall be possessed at the time of the meeting at which
it is determined to issue stock, or which may be acquired in the interim,
shall be divided among the members of such company, or be expended,
except for the ordinary disbursements of such company made in the
usual course of its business, including losses incurred upon its policies,
but such assets shall remain and constitute as heretofore a fund in the
hands of such company for the security of the holders of its policies.
Formerly: Acts 1895, c.158, s.8.

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No part of the assets now possessed by such
company, or that shall be possessed at the time of the meeting at which
it is determined to issue stock, or which may be acquired in the interim,
shall be divided among the members of such company, or be expended,
except for the ordinary disbursements of such company made in the
usual course of its business, including losses incurred upon its policies,
but such assets shall remain and constitute as heretofore a fund in the
hands of such company for the security of the holders of its policies.
Formerly: Acts 1895, c.158, s.8.

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