§432:1-306  Authority to offer death,sick, disability, or other benefits; deposit or bond.  (a)  After theorganization of the society is completed, and before a certificate ofcompliance is granted by the commissioner, the society shall deposit with thecommissioner one-half the maximum amount required to be maintained in its deathbenefit and disability, or sick, or other benefit fund, as provided in section432:1-401, either in cash or in securities approved by the commissioner.

(b)  In lieu of such deposit, the society shallfile with the commissioner a good and sufficient bond in the amount prescribedin subsection (a), signed by the society as principal with one or more suretiesto be approved by the commissioner and running to the commissioner and thecommissioner's successors in office.  The bond shall be conditioned that thesurety or sureties on the bond shall be answerable in the amount of the bondfor all judgments, decrees or orders given, made or rendered against theprincipal on the bond by any court of the State for payment of money. [L 1987,c 347, pt of §2]