Section 58-27-74 - Disposal of lawfully acquired ineligible property--Extension of time.
58-27-74. Disposal of lawfully acquired ineligible property--Extension of time. Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of by the insurer within one year from date of acquisition, unless within such period the security has attained the standard for eligibility. The director, upon application and proof that forced sale of any such property or security would be against the best interests of the insurer, may extend the disposal period for an additional reasonable time.
Source: SL 1966, ch 111, ch 6, § 32 (1).