Delaware Code Title 18 Sec. 4909 – Mutual insurers — Failure to qualify
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If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within 1 year from and after date of its solicitation permit, the corporation shall transact no further business, and the Commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under § 4907 of this title.
18 Del. C. 1953, § ?4909; 56 Del. Laws, c. 380, § ?1;
Terms Used In Delaware Code Title 18 Sec. 4909
- 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.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302