(b) In any such action the corporation may recover, in addition to
such sum or sums, legal interest thereon and the amount of any penalty
imposed by such corporation's by-laws for failure to pay such
assessments; but no such corporation shall provide in its by-laws for
such a penalty in excess of fifty percent of such an assessment.
Structure New York Laws
Article 66 - Co-Operative Property/casualty Insurance Companies
6601 - Scope of Article; Other Provisions.
6602 - Classification of Insurers; Foreign and Alien Insurers.
6603 - Incorporation of Co-Operative Property/casualty Insurance Companies.
6604 - Organization of Advance Premium Corporations.
6605 - Organization of Assessment Corporations.
6608 - Extension of Territory.
6612 - Rebating and Discrimination; Accounts and Statistics; Assessment Corporations.
6613 - Limitation of Expenses; Co-Operative Property/casualty Insurance Companies.
6614 - Contingent Liability of Members; Advance Premium Corporations.
6615 - Annual Assessments; Borrowed Money.
6616 - Extraordinary Assessments; Assessment Corporations.
6617 - Notice of Assessment; Assessment Corporations.
6618 - Suits to Recover Assessments.
6619 - Special Reserve or Emergency Funds; Co-Operative Property/casualty Insurance Companies.
6620 - Non-Assessable Policies; Advance Premium Corporations.
6621 - Unabsorbed Portions of Premium Payments.