§431:4-116  Expense pending completion.

  (a)(1)  The incorporators of any insurer shall be jointlyand severally liable for its debts or liabilities until it has secured acertificate of authority.

(2)  The incorporators of a corporation other than aninsurer or the persons proposing to form a reciprocal insurer shall be jointlyand severally liable for its debts or liabilities until it has completed itsorganization.

(b)  Any portion of funds received on accountof stock subscriptions which is allowed under the solicitation permit, may beapplied concurrently toward the payment of promotion and organization expensesincurred. [L 1987, c 347, pt of §2]