§431:4-117  Issuance and forfeiture of
securities.  (a)  No proposed stock insurer or corporation shall issue any
share of stock or participation agreement until:



(1)  All subscriptions received under the solicitation
permit have been fully paid in:



(A)  Cash or securities eligible for investment
of funds of insurers, or



(B)  Other property after securing the written
approval of the commissioner; and



(2)  A certificate of authority has been issued to it,
if an insurer.



(b)  Every subscription contract to shares of a
stock insurer or other corporation calling for payment in installments shall
provide that such contracts, together with all amounts paid thereon, may be
forfeited at the option of the corporation, upon failure to make good a
delinquency in any installment upon not less than forty-five days notice in
writing. [L 1987, c 347, pt of §2]