§ 58-5-75. Substitution for securities paid. - North Carolina Statutes

§58‑5‑75.  Substitution for securities paid.

Where the principal of any ofthe securities so deposited is paid to the Commissioner, he shall notify thecompany or its agent in this State, and pay the money so received to thecompany upon receiving other securities of the character named in this Articleto an equal amount, or, upon the failure of the company for 30 days afterreceiving notice to deliver such securities to an equal amount to theCommissioner, he may invest the money in any such securities and hold the sameas he held those which were paid. (1909, c. 923, s. 5; C.S., s.6446; 1991, c. 720, s. 4.)