Sec. 1. Any insurance company organized and doing business under the laws of this state on what is known as the assessment plan, and having more than one thousand (1,000) members, and a reserve fund of not less than one hundred thousand dollars ($100,000), is authorized, subject to the limitations set forth in this chapter, to issue stock in shares of fifty dollars ($50) each, to an amount of not less than one hundred thousand (100,000) nor more than five hundred thousand dollars ($500,000), and to receive subscriptions for the stock.
Formerly: Acts 1895, c.158, s.1. As amended by P.L.136-2018, SEC.169.
Structure Indiana Code
Article 3. Consolidations and Reorganization
Chapter 2. Assessment Plans─reorganization Into Stock Companies
27-3-2-1. Authority to Issue Stock
27-3-2-2. Notice of Meeting; Vote of Members
27-3-2-6. Officers; Election; Bond
27-3-2-7. Option to Discontinue Writing Insurance on Mutual or Assessment Plan