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

(1)  The proposed insurer or corporation fails tocomplete its organization and obtain full payment for subscriptions andapplications; and

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

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