§431:4-203 Decrease of capital. (a) A domestic stock insurer may decrease its capital stock by:
(b) No such decrease shall be made which results in capital stock less in amount than the minimum required by this code for the classes of insurance thereafter to be transacted by the insurer.
(c) No surplus funds of the insurer resulting from a decrease of its capital stock shall be distributed to shareholders, except:
(d) Upon a decrease of capital stock, the insurer's directors shall call in any outstanding stock certificates required to be changed pursuant thereto and shall issue proper certificates in their stead. [L 1987, c 347, pt of §2; am L 1989, c 195, §14; am L 2004, c 122, §15]