§ 58-7-105. Authority to increase or reduce capital stock. - North Carolina Statutes

§58‑7‑105.  Authority to increase or reduce capital stock.

The Commissioner shall, uponapplication, examine the proceedings of domestic companies to increase orreduce their capital stock, and when found conformable to law shall issuecertificates of authority to such companies to transact business upon suchincreased or reduced capital: Provided, that in no event shall the said capitalstock be reduced to an amount less than that required upon organization of suchcompany in G.S. 58‑7‑75.  He shall not allow stockholders'obligations of any description as part of the assets or capital of any stockinsurance company unless the same are secured by competent collateral. (1899,c. 54, s. 15; Rev., s. 4732; C.S., s. 6335; 1945, c. 386; 1991, c. 720, s. 4.)