17B:18-47 - Increase or decrease of capital stock - New Jersey Statutes

17B:18-47.  Increase or decrease of capital stock
    Any domestic stock insurer may increase its capital stock or decrease it to  an amount not less than the minimum required by this code by proceeding in the  manner and subject to the conditions of section 17B:18-56.

    The whole of the increased capital stock shall be paid and may be invested,  and an examination thereof shall be made in the manner provided by section  17B:18-41 for the original capital stock.  Thereupon the increase shall be  deemed a part of the capital of the insurer, subject to all the provisions of  this code applicable thereto.  When any insurer increases its capital stock by  more than $50,000.00, an examination thereof shall be made whenever and as  often as $50,000.00 or more of the increase is paid in, as is provided in said  section 17B:18-41 for the original capital stock.  Thereupon the increase of  $50,000.00 or more shall be deemed a part of the capital of the insurer subject  to all the provisions of this Code applicable thereto.

     L.1971, c. 144, s. 17B:18-47.