Section 210. Certificate to Insurance Commissioner.--Whenever one-half of the capital stock and paid in surplus of any stock insurance company mentioned in the articles of agreement has been subscribed, and twenty percentum (20%) of the total subscription price on each share paid into the hands of the treasurer of the company, the president, treasurer, and a majority of the directors, shall, under their respective oaths or affirmations, make a certificate to the Insurance Commissioner stating: (a) The number and par value of the shares of stock in said company; (b) the names and residences of the subscribers; (c) the number of shares subscribed by each; (d) the amount paid in on each share; (e) the amount of money in the hands of the treasurer on account of such payments; and (f) where the same is deposited.
Whenever applications for insurance, in the case of a mutual insurance company, have been received in sufficient number and amount, the president, treasurer, and the majority of the directors of such company, shall, under their respective oaths or affirmations, make a certificate to the Insurance Commissioner stating: (a) The names and residences of the persons applying for insurance in such company; (b) the amount agreed to be taken by each; and (c) the amount of money in the hands of the treasurer.
In the case of mutual life insurance companies, in addition to the certificate above required, as soon as the guarantee capital has been subscribed, and fifty percentum (50%) thereof has been paid in lawful money to the treasurer and the subscribers' obligations given for the remaining fifty per-centum (50%) thereof, the president, treasurer, and a majority of the directors, shall, under their respective oaths or affirmations, make a certificate to the insurance commissioner stating: (a) The number and par value of the shares of guaranty stock in said company; (b) the names and residences of the subscribers; (c) the number of shares subscribed by each; (d) the amount paid in on each share; (e) the form of obligations taken for the unpaid moiety; (f) the amount of money in the hands of the treasurer; and (g) where the same is deposited.
(210 amended Aug. 24, 1963, P.L.1157, No.493)
Compiler's Note: Section 401(b) of Act 198 of 1990 provided that section 210 is repealed insofar as it prohibits the use of shares without par value.