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

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

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

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

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

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