New Hampshire Revised Statutes 411:3 – Mutual Companies
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Terms Used In New Hampshire Revised Statutes 411:3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
No such certificate shall be issued to such a corporation organized on the mutual plan until at least 500 persons have subscribed in the aggregate for at least $500,000 of insurance upon their lives and shall each have paid in one full annual premium in cash upon the insurance applied for, nor until it shall have deposited with the commissioner at least $200,000 in the securities required by law.