17:37-2 - Retirement or surrender of advance premium notes - New Jersey Statutes

17:37-2.  Retirement or surrender of advance premium notes    When any mutual fire insurance company formed under this subtitle shall have  taken advantage of sections 17:26-4 and 17:26-5 of this title, and shall have  created a capital stock and issued policies, not mutual, participating or  assessable, all notes received by the company at the time of its commencement  of business as advance premiums for insurance, as required by section 17:17-7  of this title, and which notes are by said section 17:17-7 considered the  capital stock of the company, may, by a majority vote of the directors of the  company, be retired and surrendered to the persons by whom the same were given,  if the policies of insurance in connection with which the notes have been  received, have matured, or have been surrendered or canceled.