375.206. Certificate of amendment, issuance, filing — director, duties — secretary of state, duties.
177 words·~1 min read·
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375.206. Certificate of amendment, issuance, filing — director, duties — secretary of state, duties. — Upon receipt by the director of the department of commerce and insurance of any certificate of amendment in triplicate, he shall file it if he finds that the certificate of amendment conforms to law and that the proceedings were regular, and that the same will not be prejudicial to the interest of the policyholders and, if the amendment increases or reduces the capital stock, that the condition and the assets of the company justify the increase or reduction.
Keeping one of the copies as a permanent record, he shall issue his certificate of amendment and shall certify the same to the secretary of state, who shall affix his certificate of amendment to a copy thereof retaining the same as a permanent record and shall forward to the company his certificate of amendment. The secretary of state shall also forward to the director of the department of commerce and insurance a certified copy of his certificate of amendment.
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(L. 1967 p. 516)