Nebraska Statutes 44-320.01. Domestic company; capital stock; retirement not to constitute sale, when; reinsurance or consolidation; effect
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Retirement of the capital stock of a domestic stock insurance company and the payment to the holders of such stock of its value under a plan for the mutualization of such company shall not constitute a sale of such stock within the prohibition of section 44-320 ; nor shall a contract to reinsure or assume the risks and business of another insurance company through reinsurance or consolidation as provided for by sections 44-224.01 to 44-224.10, be deemed to be either a sale or purchase of property within the prohibition of section 44-320.
Source
- Laws 1953, c. 149, § 1(2), p. 477;
- Laws 1959, c. 198, § 2, p. 706.
Terms Used In Nebraska Statutes 44-320.01
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Company shall: include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Contract: A legal written agreement that becomes binding when signed.
- Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
- Reinsurance: shall mean a contract by which an insurer procures a third party to insure it against loss or liability by reason of such original insurance. See Nebraska Statutes 44-103