North Carolina General Statutes 58-15-130. Advance of funds
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Terms Used In North Carolina General Statutes 58-15-130
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts. See North Carolina General Statutes 58-15-5
- Reciprocal: means an aggregation of subscribers under a common name. See North Carolina General Statutes 58-15-5
The attorney or other interested persons may advance to a domestic reciprocal any funds required for its operations. The funds advanced shall not be treated as a liability of the reciprocal and shall not be withdrawn or repaid except out of the reciprocal’s earned surplus in excess of its minimum required surplus. This section does not apply to loans made by commercial lenders in the ordinary course of their businesses. (1989, c. 425, s. 1.)