Washington Code 48.08.010 – Increase of capital stock
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(1) Increase of the capital stock of a domestic stock insurer shall be by amendment to its articles of incorporation.
Terms Used In Washington Code 48.08.010
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Oath: A promise to tell the truth.
(2) If the increased capital stock is to be distributed as a stock dividend, such increased capital stock may be fully paid in out of any available surplus funds as is provided in RCW 48.08.030, and such payment shall be effected by a transfer on the insurer’s books from its surplus account to its capital account.
(3) When the increased capital has been fully paid in, a certificate to such effect shall be made in quadruplicate under oath and the corporate seal by the insurer’s president and secretary and filed in the public offices named in RCW 48.07.070.
[ 1953 c 197 § 4; 1947 c 79 § .08.01; Rem. Supp. 1947 § 45.08.01.]