§ 7012
79 words·~1 min read·
/ca/insurance-code/7012A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the amount of such loss does not exceed one-eighth of one per cent of the total amount of insurance in force in the insurer, its directors may, by resolution in writing signed by two-thirds of all the directors while present at a meeting, borrow money in the name of the insurer and give its evidence of indebtedness therefor, in a total amount not exceeding one-eighth of one per cent of the total amount of insurance thus in force.