Rhode Island § 27-5-25 § 27-5-25. Use of special reserve fund to replace capital stock.

Rhode Island Statutes

§ 27-5-25 — § 27-5-25. Use of special reserve fund to replace capital stock.

Rhode Island·Title 27 Insurance·Ch. 27-5 Fire Insurance Policies and Reserves

§ 27-5-25. Use of special reserve fund to replace capital stock.
If any amount greater than a sum equal to one-half (Â½) of its capital stock shall
            have been deposited with the commissioner by a fire insurance company under the provisions
            of this chapter, the commissioner shall retain of those securities an amount equal
            to one-half (Â½) of what amount the commissioner shall hold in excess of a sum equal
            to one-half (Â½) of the capital stock, and the commissioner shall transfer the balance
            to the company, and the amount transferred to the company shall from the time of the
            transfer, provided the amount shall not be less than two hundred thousand doll

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§ 27-5-25. Use of special reserve fund to replace capital stock.

If any amount greater than a sum equal to one-half (Â½) of its capital stock shall have been deposited with the commissioner by a fire insurance company under the provisions of this chapter, the commissioner shall retain of those securities an amount equal to one-half (Â½) of what amount the commissioner shall hold in excess of a sum equal to one-half (Â½) of the capital stock, and the commissioner shall transfer the balance to the company, and the amount transferred to the company shall from the time of the transfer, provided the amount shall not be less than two hundred thousand dollars ($200,000), constitute the capital stock of the company for the further conduct of its business, and the retained securities shall be regarded as the special reserve fund of the company, to which additions may be made, and shall be held in the same manner, and for the same purpose, and under the same conditions as the original special reserve fund of the company was held.

Rhode Island § 27-5-25 (§ 27-5-25. Use of special reserve fund to replace capital stock.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-25.