17:35-3 - Commencing business - New Jersey Statutes

17:35-3.  Commencing business
    No such corporation shall commence the business of insurance until at least  three hundred persons have subscribed in writing to be insured therein in the  aggregate amount of at least three hundred thousand dollars, and have each paid  in two per cent on the amount of the insurance severally subscribed for in  cash, which is deposited in bank to the credit of the mortuary fund, in trust  for the beneficiaries, and the commissioner has certified that it has complied  with the provisions of this article and is authorized to transact business.