Virginia Code 38.2-1011: Disposition of dividends after payments provided in conversion plan.
Current as of: 2024 | Check for updates
|
Other versions
After the payment of stockholder dividends as provided in the plan adopted under § 38.2-1006, and after paying the necessary expenses of executing the trust all dividends and other sums received by the trustees on the shares of acquired stock, shall be immediately repaid to the insurer for the benefit of those who are or may become policyholders of the insurer and entitled to participate in the profits of the insurer. These payments shall be added to and become a part of the earned surplus of the insurer.
Terms Used In Virginia Code 38.2-1011
- Insurer: means an insurance company. See Virginia Code 38.2-100
Code 1950, § 38-426; 1952, c. 317, § 38.1-495; 1986, c. 562.