§ 83-19-61. Increase of capital stock.
230 words·~1 min read·
/ms/title-83-insurance/general-provisions/83-19-61·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any such company having a paid-up capital, as required by law, may increase its capital stock by a vote of its stockholders, and issue certificates for the additional shares, which may be paid for in cash or in such installments as the company may determine. Such certificates shall show on their face the amount actually paid (unless paid in full), and no capital shall be advertised except the amount actually paid. The company shall, within thirty
(30)days after authorizing such increase of capital, report the fact to the commissioner, setting forth the amount of such increase and the amount of same to be paid in cash. If the commissioner finds that the facts conform to the law, he shall indorse his approval thereon; and upon filing such certificate so indorsed with the secretary of state and paying a fee of Five Dollars ($5.00) for filing and recording the same, the company may continue to dispose of such authorized increase as has not been disposed of, and to transact business upon the capital as thus increased. As soon as the whole of such authorized increase has been placed or disposed of, the company shall report the fact to the commissioner; and if not disposed of in six
(6)months from the date of the first report herein required, a report shall then be made of the transactions to that date.