379.270. Director may advance money. - Missouri Statutes

Director may advance money.

379.270. 1. Any director, officer or member of any suchcompany, or any other person, may advance to such company any sumor sums of money necessary for the purpose of its business or toenable it to comply with any of the requirements of the law, andsuch moneys and such interest thereon as may have been agreedupon, not exceeding ten percent per annum, shall be payable onlyout of the surplus remaining after providing for all reserves andother liabilities, and shall not otherwise be a liability orclaim against the company or any of its assets.

2. No commission or promotion expenses shall be paid inconnection with the advance of any such money to the company, andthe amount of such advance shall be reported in each annualstatement.

(RSMo 1939 § 5963)

Prior revisions: 1929 § 5852; 1919 § 6262