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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 160. Liability of Organizers.
previous: Section 150
. Escrow of Funds.
next: Section 170
. Payment For Subscriptions.
AS 21.69.160. Liability of Organizers.
- (a) The incorporators of an insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a
syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of
authority, if an insurer, or has completed its organization if a corporation other than an insurer or a syndicate.
- (b) Any portion of funds received on account of stock or syndicate subscriptions which is allowed under the solicitation
permit, may be applied concurrently toward the payment of promotion and organization expense theretofore incurred.
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