§ 58-7-110. Assessment of shares; revocation of license. - North Carolina Statutes

§58‑7‑110.  Assessment of shares; revocation of license.

When the net assets of acompany organized under this Article do not amount to more than the amountrequired in G.S. 58‑7‑75 for its original capital, it may make goodits capital to the original amount by assessment of its stock.  Shares on whichsuch an assessment is not paid within 60 days after demand shall be forfeitableand may be canceled by vote of the directors and new shares issued to make upthe deficiency.  If such company does not, within three months after noticefrom the Commissioner to that effect, make good its capital or reduce the same,as allowed by this Article, its authority to transact new business of insuranceshall be revoked by the Commissioner. (1899, c. 54, s. 28; 1903, c.438, s. 4; Rev., s. 4733; C.S., s. 6336; 1945, c. 386; 1991, c. 720, s. 4.)