17:26-2 - Increase or decrease of capital stock - New Jersey Statutes

17:26-2.  Increase or decrease of capital stock    Any stock insurance company of this state may increase its capital stock or  decrease it to an amount not less than the minimum required by chapters 17 to  33 of this title (s. 17:17-1 et seq.), by proceeding in the manner and subject  to the conditions of section 17:26-1 of this title.

    The whole of the increased capital shall be paid and may be invested, and an  examination thereof shall be made in the manner provided by section 17:17-8 of  this title for the original capital stock.  Thereupon the increase shall be  deemed a part of the capital of the company, subject to all the provisions of  this subtitle applicable thereto.  When any company increases its capital stock  by more than fifty thousand dollars, an examination thereof shall be made  whenever and as often as fifty thousand dollars or more of the increase is paid  in, as is provided in said section 17:17-8 for the original capital stock.   Thereupon the increase of fifty thousand dollars or more shall be deemed a  part of the capital of the company, subject to all the provisions of this  subtitle applicable thereto.