RCW 48.06.130
Liability of organizers—Organization expense.
(1) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority, if an insurer, or has completed its organization if a corporation other than an insurer or a syndicate.
(2) Any portion of funds received on account of stock or syndicate subscriptions which is allowed therefor under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expense theretofore incurred.
[1947 c 79 § .06.13; Rem. Supp. 1947 § 45.06.13.]
Structure Revised Code of Washington
Chapter 48.06 - Organization of Domestic Insurers.
48.06.010 - Types of domestic insurers permitted.
48.06.020 - Assessment mutuals prohibited—Exceptions.
48.06.030 - Solicitation permit.
48.06.040 - Application for solicitation permit.
48.06.050 - Procedure upon application.
48.06.060 - Issuance of permit—Bond.
48.06.070 - Duration of permit—Contents.
48.06.080 - Permit as inducement.
48.06.090 - Solicitors' licenses.
48.06.100 - Modification, revocation of permit.
48.06.110 - Bond—Cash deposit.
48.06.130 - Liability of organizers—Organization expense.
48.06.150 - Payment for subscriptions—Forfeiture.
48.06.160 - Insurance applications—Mutual and reciprocal insurers.
48.06.170 - Procedure on failure to complete organization or to qualify.
48.06.180 - Subsequent financing.