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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 170. Payment For Subscriptions.
previous: Section 160
. Liability of Organizers.
next: Section 180
. Insurance Applications.
AS 21.69.170. Payment For Subscriptions.
- (a) A proposed stock insurer, corporation, or syndicate may not issue a share of stock or participation agreement except
for payment in cash or in securities eligible for investment of funds of insurers. Shares or an agreement may not be
issued until all subscriptions received under the solicitation permit have been fully paid, or, if an insurer, until a
certificate of authority has been issued to it.
- (b) Every subscription contract to shares of a stock insurer or other corporation calling for payment in installments,
together with all amounts paid, may be forfeited at the option of the corporation, upon failure to make good a
delinquency in an installment upon not less than 45 days notice in writing, and every such contract must so provide.
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