40-230a. Deposit of securities purchased from sale of stock during organization period. - Kansas Statutes

40-230a

Chapter 40.--INSURANCE Article 2.--GENERAL PROVISIONS

      40-230a.   Deposit of securities purchased from saleof stock duringorganization period.The proceeds from the sale of stock during the period oforganization of any insurance company now being or hereafter to beorganized under the laws of this state shall be immediately invested insuch securities as are permitted by law, and such securities shall beimmediately deposited in accordance with K.S.A. 40-229a[.] Anamountequal to the maximum promotionexpense allowed by law may be deducted from the proceeds of such sales.

      History:   L. 1931, ch. 209, § 1;L. 1996, ch. 25, § 2; July 1.