83-45-13 - Dissolution. - Mississippi Statutes

§ 83-45-13. Dissolution.
 

Upon dissolution of such organization, the department of insurance shall be satisfied that all policyholders/members' claims have been paid before approving the release of deposits. 
 

In event of dissolution and surrender of articles of association and/or charter, any surplus after reimbursement of organizational funds and any other contribution to surplus shall be prorated among such organizing contributors at the highest rate of interest possible, not to exceed ten percent (10%). When and if surplus exists in excess of reimbursements hereinabove set out, such amount shall escheat to the general fund of the State of Mississippi upon dissolution of the company or organization. 
 

Sources: Codes, 1942, § 5633; Laws,  1972, ch. 432, § 1, eff from and after passage (approved May 1, 1972).