500.6436 Domestic cooperative plan insurers; unlawful use of reserve funds; penalty.
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500.6436 Domestic cooperative plan insurers; unlawful use of reserve funds; penalty.
Sec. 6436.
(1)It shall be unlawful for any officer or agent of a cooperative mutual life insurance company doing business in this state to appropriate or use any portion of the reserve or mortality funds of such company for any other purpose than such as the articles of incorporation, bylaws and contracts with members prescribe.
(2)Any officer or agent guilty of any intentional violation of this section, or who shall aid or abet others in any such violation, shall be deemed guilty of a misdemeanor and upon conviction thereof shall be punished by a fine not exceeding $1,000.00, or by imprisonment not exceeding 6 months, or by both such fine and imprisonment, in the discretion of the court.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218