Kansas Statutes 40-230a. Deposit of securities purchased from sale of stock during organization period
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Terms Used In Kansas Statutes 40-230a
- insurance company: shall mean and include all corporations, companies, associations, societies, fraternal benefit societies, reciprocal exchanges, persons or partnerships writing contracts of insurance, indemnity or suretyship in this state upon any type of risk or loss except insurance companies transacting business pursuant to the provisions of Kan. See Kansas Statutes 40-222c
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
The proceeds from the sale of stock during the period of organization of any insurance company now being or hereafter to be organized under the laws of this state shall be immediately invested in such securities as are permitted by law, and such securities shall be immediately deposited in accordance with Kan. Stat. Ann. § 40-229a. An amount equal to the maximum promotion expense allowed by law may be deducted from the proceeds of such sales.