58-7-110. Assessment of shares; revocation of license.
When the net assets of a company organized under this Article do not amount to more than the amount required in G.S. 58-7-75 for its original capital, it may make good its capital to the original amount by assessment of its stock. Shares on which such an assessment is not paid within 60 days after demand shall be forfeitable and may be canceled by vote of the directors and new shares issued to make up the deficiency. If such company does not, within three months after notice from the Commissioner to that effect, make good its capital or reduce the same, as allowed by this Article, its authority to transact new business of insurance shall be revoked by the Commissioner. (1899, c. 54, s. 28; 1903, c. 438, s. 4; Rev., s. 4733; C.S., s. 6336; 1945, c. 386; 1991, c. 720, s. 4.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 7 - General Domestic Companies.
§ 58-7-1 - Application of this Chapter and general laws.
§ 58-7-5 - Extension of existing charters.
§ 58-7-10 - Certificate required before issuing policies.
§ 58-7-15 - Kinds of insurance authorized.
§ 58-7-16 - Funding agreements authorized.
§ 58-7-21 - Credit allowed a domestic ceding insurer.
§ 58-7-22 - Term and universal life insurance reserve financing.
§ 58-7-30 - Insolvent ceding insurer.
§ 58-7-31 - Life and health reinsurance agreements.
§ 58-7-33 - Minimum policyholders' surplus to assume property or casualty reinsurance.
§ 58-7-35 - Manner of creating such corporations.
§ 58-7-37 - Background of incorporators and proposed management personnel.
§ 58-7-40 - First meeting; organization; license.
§ 58-7-45 - Bylaws; classification and election of directors; amendments.
§ 58-7-46 - Notification to Commissioner for president or chief executive officer changes.
§ 58-7-50 - Maintenance and removal of records and assets.
§ 58-7-55 - Exceptions to requirements of G.S58-7-50.
§ 58-7-60 - Approval as a domestic insurer.
§ 58-7-65 - Conversion to foreign insurer.
§ 58-7-70 - Effects of redomestication.
§ 58-7-73 - Dissolutions of insurers.
§ 58-7-75 - Amount of capital and/or surplus required; impairment of capital or surplus.
§ 58-7-80 - Capital stock fully paid in cash.
§ 58-7-95 - Establishment of separate accounts by life insurance companies.
§ 58-7-105 - Authority to increase or reduce capital stock.
§ 58-7-110 - Assessment of shares; revocation of license.
§ 58-7-115 - Increase of capital stock.
§ 58-7-120 - Reduction of capital stock.
§ 58-7-130 - Dividends and distributions to stockholders.
§ 58-7-140 - Certain officers debarred from commissions.
§ 58-7-145 - Restrictions on purchase and sale of equity securities of domestic companies.
§ 58-7-160 - Investments unlawfully acquired.
§ 58-7-162 - Allowable or admitted assets.
§ 58-7-163 - Assets not allowed.
§ 58-7-165 - Eligible investments.
§ 58-7-167 - General qualifications.
§ 58-7-168 - Authorization of investment.
§ 58-7-172 - Cash and deposits.
§ 58-7-173 - Permitted insurer investments.
§ 58-7-178 - Foreign or territorial investments.
§ 58-7-180 - Chattel mortgages.
§ 58-7-182 - Special investments by title insurers.
§ 58-7-183 - Special consent investments.
§ 58-7-185 - Prohibited investments and investment underwriting.
§ 58-7-187 - Real estate, in general.
§ 58-7-192 - Valuation of securities and investments.
§ 58-7-193 - Valuation of property.
§ 58-7-197 - Replacing certain assets; reporting certain liabilities.
§ 58-7-198 - Assets of foreign or alien insurers.