40-19a09. Advance of money; reports.
40-19a09
40-19a09. Advance of money; reports.Any director, officer or member of any such corporation, or any otherperson may advance to such corporation any sum or sums of money necessaryfor the purposes of its business or to enable it to comply with any of therequirements of the laws of this state, and such moneys and such interestthereon as may have been agreed upon, not exceeding five percent (5%) perannum, shall be payable only out of the surplus remaining after providingfor all reserves and other liabilities and shall not otherwise be aliability or claim against the corporation or any of its assets. Nocommission or promotion expenses shall be paid in connection with theadvance of any such money to the corporation, and the amount of suchadvance shall be reported in each annual statement.
History: L. 1972, ch. 174, § 9; July 1.