§431:4-119  Refund upon failure to complete
or qualify or upon revocation of solicitation permit.  (a)  The
commissioner shall withdraw all funds held in escrow and refund to subscribers
or applicants all sums paid in on stock subscriptions, less that part of such
sums paid in on subscriptions as has been allowed and used for promotion and
organization expenses, and all sums paid in on insurance applications, and
shall dissolve the proposed insurer or corporation if:



(1)  The proposed insurer or corporation fails to
complete its organization and obtain full payment for subscriptions and
applications; and



(2)  It fails to secure its certificate of authority
before expiration of the solicitation permit, if an insurer; or



(b)  The commissioner revokes the solicitation
permit. [L 1987, c 347, pt of §2]