38.2-1011 - Disposition of dividends after payments provided in conversion plan. - Virginia Statutes

§ 38.2-1011. Disposition of dividends after payments provided in conversionplan.

After the payment of stockholder dividends as provided in the plan adoptedunder § 38.2-1006, and after paying the necessary expenses of executing thetrust all dividends and other sums received by the trustees on the shares ofacquired stock, shall be immediately repaid to the insurer for the benefit ofthose who are or may become policyholders of the insurer and entitled toparticipate in the profits of the insurer. These payments shall be added toand become a part of the earned surplus of the insurer.

(Code 1950, § 38-426; 1952, c. 317, § 38.1-495; 1986, c. 562.)