§ 8091
77 words·~1 min read·
/ca/insurance-code/8091A 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 reinsurer, the directors may, by resolution in writing signed by two-thirds of all the directors while present at a meeting, borrow in the name of the reinsurer and give its evidence of indebtedness therefor, in an amount not exceeding one-eighth of one per cent of the total amount of such insurance in force.