§ 27-17-11 - Advance of funds for reserves – Maintenance. - Rhode Island Statutes

SECTION 27-17-11

   § 27-17-11  Advance of funds for reserves– Maintenance. – If it appears that the amount of funds required in §§ 27-17-7 –27-17-10 has not been accumulated or maintained, then the subscribers, or theattorney for them, shall immediately advance any sums needed to comply with theprovisions of §§ 27-17-7 – 27-17-10 and the advanced funds shallnot be treated as a liability of the exchange, and the advances shall be repaidonly out of the surplus over and above the minimum required by §§27-17-7 – 27-17-10. If the subscribers, or their attorneys for them, shallfail to advance sums necessary for the maintenance of the minimum reserves andsurplus within thirty (30) days after receipt of notice from the commissioner,the commissioner may revoke its license to transact business in this state.