40-308. Transfer of stock; application of dividends on notes or obligations of stockholders. - Kansas Statutes

40-308

Chapter 40.--INSURANCE Article 3.--ORGANIZATION, MERGER OR CONSOLIDATION OF STOCK COMPANIES

      40-308.   Transfer of stock; application of dividends on notes orobligations of stockholders.The shares of stock of any insurance company shall be deemed personalproperty and shall be transferred on the books of the company in suchmanner as the bylaws thereof may direct; but no transfer of stock shall bevalid against an insurance company so long as the registered holder thereofshall be liable as principal debtor, surety or otherwise to the insurancecompany for any debt which shall be due or unpaid, nor in such case shallany dividend, interest or profit be paid on such stock so long as suchliability continues, and such dividends, interest or profit shall beretained by the insurance company and applied to the discharge of suchliabilities, and no stock shall be transferred on the books of anyinsurance company without the consent of the board of directors where theregistered holder thereof is indebted to the insurance company.

      History:   L. 1927, ch. 231, 40-308; June 1.