40-307. Amendment of charter; increase or decrease of capital.
40-307
40-307. Amendment of charter; increase or decrease of capital.Any such insurance company may by a two-thirds vote of its paid-upstockholders amend its charter. The amendment shall be filed with thesecretary of state and a certified copy thereof filed with the commissionerof insurance. No amendment to increase or decrease the capital stock shallbe approved by the secretary of state until there has been filed with thesecretary of state a certificate from the commissioner of insurance showingthat the interests of all policyholders and all liabilities and obligationsof the company have been properly safeguarded. Such increase or decrease inthe capital stock may be carried out as provided under the generalcorporation laws of this state: Provided, however, That the decreaseherein provided for shall not be construed to permit any such company todecrease its capital stock to an amount less than the minimum capitalrequired for such a company by this code.
History: L. 1927, ch. 231, 40-307; L. 1949, ch. 280, § 1; June 30.