The commissioner of insurance shall examine the charter and bylaws of each company applying for license to do business under the domestic insurance company laws to determine that no stock is placed on option. It shall be unlawful for any domestic insurance company to declare a stock dividend within five (5) years from date of incorporation.
Miss. Code Ann. § 83-19-41
No stock to be placed on option
Codes, 1942, § 5661-04; Laws, 1958, ch. 438, § 5, eff from and after passage (approved May 6, 1958
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.