§435E-12 - Trust corpus, contributions.
§435E-12 Trust corpus, contributions.
There shall be an initial trust corpus of not less than $3,000,000 which corpus
shall be a trust fund to secure enforcement of the interindemnity arrangement.
The average initial contribution to such corpus shall be not less than $20,000
per member participating in the interindemnity arrangement. No such
interindemnity arrangement shall become operative until the requisite minimum
reserve trust fund has been established by such participating members. The
commissioner shall have the power to investigate and verify the amounts
specified by law. [L 1977, c 182, pt of §1; am L 1979, c 207, §1; am L 1982, c
203, §16]