§ 83-19-39. Escrow deposits.
67 words·~1 min read·
/ms/title-83-insurance/general-provisions/83-19-39·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The par value of each share and fifty percent (50%) of the amount allocated to surplus shall be deposited in escrow in a bank in the State of Mississippi, jointly payable to the commissioner of insurance and the company, which deposit shall remain in escrow until sufficient funds are raised to permit the licensing of the company, or returned to the stockholders in lieu of such licensing.