Nebraska § 44-3819 Corporation; advancement of funds; repayment; conditions

Nebraska Statutes

§ 44-3819 — Corporation; advancement of funds; repayment; conditions

Nebraska·Ch. 44 Insurance

Any person may advance to a corporation organized under sections  44-3801  to  44-3826  on a contingent liability base such funds as are necessary for the purposes of its business or to enable it to comply with any requirements of sections  44-3801  to  44-3826 . Such money and interest thereon as may have been agreed upon shall be repayable but shall be repaid only on prior approval by the director. Repayment shall only be made out of operating surplus after reserve requirements have been met. No assessments against members may be levied for the purpose of repayment and no dividends may be paid to members or shareholders as long as interest or repayment installments remain unpaid.

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Any person may advance to a corporation organized under sections 44-3801 to 44-3826 on a contingent liability base such funds as are necessary for the purposes of its business or to enable it to comply with any requirements of sections 44-3801 to 44-3826 . Such money and interest thereon as may have been agreed upon shall be repayable but shall be repaid only on prior approval by the director. Repayment shall only be made out of operating surplus after reserve requirements have been met. No assessments against members may be levied for the purpose of repayment and no dividends may be paid to members or shareholders as long as interest or repayment installments remain unpaid.

Nebraska § 44-3819 (Corporation; advancement of funds; repayment; conditions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.