83-19-39 - Escrow deposits.
§ 83-19-39. Escrow deposits.
The par value of each share and fifty per cent (50%) of the amount allocated to surplus shall be deposited in escrow in a bank in the State of Mississippi, jointly payable to the commissioner of insurance and the company, which deposit shall remain in escrow until sufficient funds are raised to permit the licensing of the company, or returned to the stockholders in lieu of such licensing.
Sources: Codes, 1942, § 5661-03; Laws, 1958, ch. 438, § 4, eff from and after passage (approved May 6, 1958).