17:25-2 - Stipulations in stock subscriptions
17:25-2.Ā Stipulations in stock subscriptions
Every subscription to the capital stock of a stock company shall contain theĀ stipulation that no sum shall be used for commission, promotion or organizationĀ expenses in excess of a per cent of the amount paid upon the stockĀ subscriptions, to be named in the stipulation, not exceeding fifteen per cent. Every subscription for stock and every application for insurance in theĀ company made prior to the granting to the company by the commissioner of theĀ certificate of authority shall contain the stipulation that the money advancedĀ by the applicant shall be returned to him without any deduction if the companyĀ fails to complete its organization or procure the certificate or issue theĀ policy applied for in the application.
Ā
Every subscription to the capital stock of a stock company shall contain theĀ stipulation that no sum shall be used for commission, promotion or organizationĀ expenses in excess of a per cent of the amount paid upon the stockĀ subscriptions, to be named in the stipulation, not exceeding fifteen per cent. Every subscription for stock and every application for insurance in theĀ company made prior to the granting to the company by the commissioner of theĀ certificate of authority shall contain the stipulation that the money advancedĀ by the applicant shall be returned to him without any deduction if the companyĀ fails to complete its organization or procure the certificate or issue theĀ policy applied for in the application.
Ā