38.2-1228 - Subscribers' share in assets. - Virginia Statutes

§ 38.2-1228. Subscribers' share in assets.

Upon the liquidation of a domestic reciprocal, the assets remaining afterdischarge of its (i) indebtedness and policy obligations, (ii) the return ofany contributions of the attorney or other person made as provided in §38.2-1225, and (iii) the return of any unused deposits, savings or credits,shall be distributed. The distribution shall be according to a formulaapproved by the Commission or the court to the persons who were itssubscribers within the twelve months prior to the final termination of itslicense.

(1952, c. 317, § 38.1-717; 1986, c. 562.)