17:37-2.Ā  Retirement or surrender of advance premium notes When any mutual fire insurance company formed under this subtitle shall haveĀ  taken advantage of sections 17:26-4 and 17:26-5 of this title, and shall haveĀ  created a capital stock and issued policies, not mutual, participating orĀ  assessable, all notes received by the company at the time of its commencementĀ  of business as advance premiums for insurance, as required by section 17:17-7Ā  of this title, and which notes are by said section 17:17-7 considered theĀ  capital stock of the company, may, by a majority vote of the directors of theĀ  company, be retired and surrendered to the persons by whom the same were given,Ā  if the policies of insurance in connection with which the notes have beenĀ  received, have matured, or have been surrendered or canceled.
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