Sec. 5014.
Capital stock of domestic stock insurers incorporated under this chapter shall have value as follows:
(1) If organized to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, each share of authorized capital stock shall have a value of not less than $1.00 or more than $100.00.
(2) If organized to transact life, disability, casualty, or fidelity and surety insurance, all as defined in chapter 6 or title insurance as defined in chapter 73, each share of authorized capital stock shall have a value of not less than $1.00.
(3) If organized to insure railway employees against loss of position, and to transact life and disability insurance, as identified in section 6604, each share of authorized capital stock shall have a par value of $50.00.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1966, Act 221, Imd. Eff. July 11, 1966 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-50 - Chapter 50 Organization of Domestic Stock and Mutual Insurers (500.5000...500.5040)
Section 500.5000 - Scope of Chapter.
Section 500.5001 - Compliance With Chapter Required.
Section 500.5002 - Organization of Insurers; Definitions.
Section 500.5006 - Stock Insurers; Formation, Number of Incorporators Required.
Section 500.5010 - Duration of Corporate Existence.
Section 500.5012 - Corporate Name; Restrictions.
Section 500.5014 - Par Value of Stock; Limitations.
Section 500.5020 - Examination of Articles by Attorney General; Fee.
Section 500.5028 - Completion of Organization; Issuance of Stock Certificates; Mutual Corporation.
Section 500.5036 - Liability of Directors for Debts During Organization.