§ 58-8-1. Mutual insurance companies organized; requisites for doing business. - North Carolina Statutes

Article8.

Mutual InsuranceCompanies.

§ 58‑8‑1.  Mutualinsurance companies organized; requisites for doing business.

No policy may be issued by amutual company until the president and the secretary of the company havecertified under oath that every subscription for insurance in the listpresented to the Commissioner for approval is genuine, and made with anagreement with every subscriber for insurance that he will take the policiessubscribed for by him within 30 days after the granting of a license to thecompany by the Commissioner to issue policies. Any person making a false oathin respect to the certificate is guilty of a Class I felony. (1899,c. 54, ss. 25, 32, 34; 1901, c. 391, s. 3; 1903, c. 438, s. 4; Rev., s. 4738;1911, c. 93; C.S., s. 6346; 1945, c. 386; 1989 (Reg. Sess., 1990), c. 1054, s.4; 1993 (Reg. Sess., 1994), c. 767, s. 24.)