17:35-3 - Commencing business
17:35-3.Ā Commencing business
No such corporation shall commence the business of insurance until at leastĀ three hundred persons have subscribed in writing to be insured therein in theĀ aggregate amount of at least three hundred thousand dollars, and have each paidĀ in two per cent on the amount of the insurance severally subscribed for inĀ cash, which is deposited in bank to the credit of the mortuary fund, in trustĀ for the beneficiaries, and the commissioner has certified that it has compliedĀ with the provisions of this article and is authorized to transact business.
Ā
No such corporation shall commence the business of insurance until at leastĀ three hundred persons have subscribed in writing to be insured therein in theĀ aggregate amount of at least three hundred thousand dollars, and have each paidĀ in two per cent on the amount of the insurance severally subscribed for inĀ cash, which is deposited in bank to the credit of the mortuary fund, in trustĀ for the beneficiaries, and the commissioner has certified that it has compliedĀ with the provisions of this article and is authorized to transact business.
Ā